The future of Formula One team Arrows looks brighter after the team announced that the Head of Agreement had been signed regarding the purchase of the team by an American investor. The troubled team have travelled for the latest grand prix this weekend at Spa in Belgium.
"Arrows Grand Prix International announced today that the team has been sent to Spa. Heads of Agreement have been signed regarding the purchase of the team by an American investor. We hope for the deal to be completed by Friday," read the team statement.
Arrows had been unable to bring new investors into the team since a London High Court injunction from major shareholders Morgan Grenfell Private Equity in July barred the sale of key assets without Morgan Grenfell's consent. The team did not turn up at the last Hungarian Grand Prix, declaring force majeure or circumstances beyond their control, as a reason.
Filed by James Shortt
