Arrows given month to sort future out

The Arrows Formula One team have been given a month to sort out their future after the Oxfordshire-based outfit were given a reprieve by the High Court.

A hearing before the court in Leeds which was attended by Arrows’ creditors allowed the team a 28-day postponement to sort out their future.

A statement from the team read: “Arrows is delighted that its creditors and the court have given the company a chance to secure the best possible future and the company remains committed to achieving this.

“The process of selling the team is ongoing and that is where all efforts will continue to be concentrated at this time.”

The team missed consecutive races in Hungary and Belgium and have been warned by F1 organisers not to miss Sunday’s race at Monza in Italy.

Team owner Tom Walkinshaw has so far failed in his bids to sell the team, first to former British American Racing supremo Craig Pollock and more lately to American industrialist Cal Smith.