SEPTEMBER 20, 1999
Exit the Prince...
AS we exclusively predicted six weeks ago Prince Malik ado Ibrahim's time as team principal at Arrows has come to an end and he is no longer involved in the decision-making processes of the team. For the moment at the least Malik will hold on to his 20% shareholding in the team - which was allotted to him for brokering the deal between Tom Walkinshaw and the investment banking group Morgan Grenfell. Whether or not he will retain these shares in the long-term remains to be seen as we believe that he was supposed to bring money to the team to pay for them and we believe that Walkinshaw may have some form of option on these shares. The exact details are not clear as no-one is talking at the moment. We have heard suggestions that as part of a deal for factory engines in the year 2001 Renault may be given the shares.
At the moment, however, the structure remains as before with Walkinshaw controlling 40%, Morgan Grenfell remaining as a sleeping partner with 40% and Malik continuing with 20% but losing his executive functions. The team is expected to make an announcement about the future at the forthcoming European Grand Prix at the Nurburgring.