Formula One team Arrows is set to become the first racing team to be auctioned on the internet after administrators at PKF failed to raise enough money by conventional means.
Accountancy Age, 06 Mar 2003
Receivers Philip Long and Brian Hamblin are negotiating with finance companies regarding the web auction of the former Formula One outfit.
Most of Arrows' assets will be sold in a web auction except the wind tunnel, which will be sold directly to one of the F1 teams. The date of the auction is still to be confirmed.
Arrows went into liquidation early this year after attempts at selling thebusiness as a going concern failed.
Although the receivers claimed to have a few 'serious offers' for the whole business, they opted to break it up because it would create a better return for creditors.
No staff will be made redundant by the receivers as the former ownershad already let them go.
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