NOVEMBER 12, 2002
Has Arrows been saved?
Numerous sources are reporting that Arrows F1 has been saved in the 11th hour by a group called German Grand Prix Racing, and will now attempt to reenter the championship in 2003.
The group is rumored to be owned by Asset Trust Partners and is being backed by a group of investors from the United Arab Emirates. The group has reportedly bought out Morgan Grenfell's majority holding in the team, while Tom Walkinshaw will retain his minority holding and continue to run the team.
The team must now submit its application for entry into next year's championship by friday, ensure the FIA that they will not repeat the fiascos of late 2002, move to replace the 250 employees who have left the team and find an engine supplier and sponsors for the 2003 season...