| ||
| ||
| ||
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Formula One team up for auction
By Abid Ali
LONDON, England (CNN) -- Failed Formula One team Arrows goes under the hammer this week. Armchair fans will have the opportunity to buy everything including single and three seat F1 cars, trailers, racing and pit equipment, hospitality buses and memorabilia. But many of the lots -- that are up for grab in a live Internet auction -- could be out of the reach of many. "You would be looking at more than six figures for each racing car," Brian Hamblin a receiver at accountants PKF told CNN. "But there has been huge interest from the industry and fans. "There are hundreds of lots including T-shirts and baseball caps for the armchair fan." Arrows, based near Oxford, England, collapsed in January after attempts to sell the business failed. The team, founded in 1978, has to fire its 300 employees in December when the receivers were called in. A lack of cash forced the team to sit out five races last season and was barred from competing this year. Mobile phone operator Orange, which splashed $60 million on sponsoring the Arrows team, opted not to renew their contract last December. Former driver Heinz-Harald Frentzen -- who had not received money for his services -- finally lodged a petition to wind up the business. Frentzen was among 20 major creditors awaiting payment. Arrows had been in Formula One for 25 years and held the sport's record of 382 starts without winning a single race. All the engineering equipment required to make the race cars is expected to be sold on day one of the auction. The second day will see the cars, parts and bodywork come under the hammer. There are a number of completed cars, some with engines and some without, including some three-seaters which were especially prepared for corporate hospitality. California-based asset auctioneers Dovebid, which handled the auction of collapsed US giant Enron, told CNN that they have no doubt that everything will be sold over the two day sale that begins June 18. More than 28,000 people have visited the Web Site dovebid.com over the past few days and more than 200 people have traveled to auction to view the lots. UK-based PKF acted as liquidators in the insolvency of former F1 driver Alain Prost's UK assets.
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
