AUGUST 15, 2001
F1 fan goes from Chello
MARK SCHNEIDER, the chairman and chief executive of United-Pan European Communications, the parent company of Arrows sponsor Chello, has resigned. The announcement came after the Dutch cable company announced huge new losses and its share price fell to 10% of its value earlier this year. The company now has around $8bn of debt.
Schneider was a big Formula 1 fan and was a leading light in a consortium that was looking at buying Minardi and Arrows in the latter part of 1999. The group was fronted by former Tyrrell team manager Rupert Manwaring.
In the end Schneider decided to become a sponsor of Arrows instead and the company is believed to have paid the team around $7.5m in 2000 and a similar amount this year.
Without Schneider, however, and with losses mounting at an alarming rate, it remains to be seen whether the company will continue its sponsorship next year - and that could be further bad news for Arrows.
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