Arrows, the British Formula One team, look doomed after the company was refused permission to enter into commercial deals to raise money for new engines for this weekend's British Grand Prix by the British High Court.
Team bosses were understood to be trying to arrange a last minute deal to sell the entitlement to payments from World Chamionship races to save the team. But their bankers, Morgan Grenfell, successfully stopped the racing team selling their prime asset.
The team, which is based in Oxfordshire, was founded in 1977 in a breakaway from the now defunct Shadow's team. They had currently competed in 363 races but are still searching for their first F1 victory. They currently have two points this season to lie equal eighth in the manufactures' championship.
"We do not have our cars at Silverstone. They won't be here until the outstanding issues with Morgan Grenfell have been sorted out. There are discussions going on at the moment and there will be a statement later today," said an Arrows spokesman.
Formula One beat owner Eddie Jordan has backed Arrows for this weekend's British Grand Prix. "I have known Tom a long tie and he a fighter. He is a miracle worker and he will be here tomorrow," said Jordan.
Filed by James Shortt
