Arrows sold to a mystery American

Saved for now
By Huw Alban
August 30 2002

On Wednesday came the great news that an American investor had bought the Arrows F1 Team, and that, as such, the team would be able to race in Spa. Up until then news sources were speculating that the team may have to sit out their second race in succession.

The official press release from the team read: “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.”

This announcement also officially rules out any involvement by ex-BAR boss Craig Pollock. “Absolutely not, it’s nothing to do with me,” Pollock has been quoted as saying when quizzed about his involvement. “My interest in Arrows is officially finished. That’s it.

“If Tom signed with a group of American investors, I do not have anything to do with it. They are perhaps American investors but not those with which I was involved with.”

The BBC believes that this new American interest is in the form of Carl Smith, an elderly American billionaire, although this is unconfirmed at the time of writing. It is believed that the team will release an official statement sometime today (Friday) making the situation clear.