AUGUST 2, 1999
Goodnight sweet Prince?
THERE was a considerable amount of talk in the Hockenheim paddock suggesting that Arrows team owner Prince Malik ado Ibrahim may shortly be bought out of the operation by his partner Tom Walkinshaw. Walkinshaw and Malik own 50% of the team with the other half belonging to the investment banking company Deutsche Bank Morgan Grenfell.
The stories in Germany suggested that the deal struck last winter involved certain deadlines by which payments had to be made by the partners and that the end of July was an important date in the completion of the transaction. Prince Malik has made no secret of the fact that the team needed to raise more money and there is no sign that the curious "T-minus" branding idea has produced any income.
We believe that if the agreed deal is not completed there are provisions for a settlement between the partners which will allow one to acquire the shares of the other.
It is probably not a coincidence that in recent weeks Walkinshaw has been selling off some of his car dealerships in the Ixion Motor group and relocating others to new premises. This is estimated to have raised several million dollars.
It was interesting to note that while Walkinshaw was in an unusually chirpy mood in Germany, the Prince looked decidedly glum...
|Print News Story|