BusinessBusiness RecoveryArrows finally runs out of gas

Arrows finally runs out of gas

The financial crisis facing Formula One racing has deepened after the struggling Arrows team called in administrative receivers.

Link: F1 team skids into receivership

Mid-tier firm PKF has been appointed to manage the business, which collapsed after more than 25 years in F1.

In a statement last week, PKF said they would be seeking to ‘maximise realisations for creditors’.

‘There has been a lot of interest in Arrows,’ receiver Philip Long said.

Arrows laid off their remaining staff in December last year after they failed to sell the team to a German-based group of investors.

They missed five of last season’s 17 races and also deliberately failed to qualify in France. They have no sponsor and no driver and have been barred from this year’s championship.

PKF also acted as liquidators for the British interests of the failed Prost Formula One team last year.

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