Staff work for free at ailing GP firm
Forty staff at motor racing series A1GP's operational arm, which has offices at Silverstone race circuit, are currently working without pay, following news the British-based day-to-day operations side of the business has gone into liquidation.
A1 Grand Prix Operations Ltd was issued with a compulsory court order winding up the business on June 24, following petitions from suppliers who had not been paid.
The company's assets have been frozen, meaning staff are currently working without pay preparing for the start of the new series on October 22, and there are suggestions the courts may be poised to appoint an administrator for the company, a subsidiary of British Virgin Islands-based A1 Holdings.
Often promoted as the World Cup of Motorsport, A1GP sees drivers from more than 20 nations driving for their countries rather than as individuals or part of a team.
Held during the Formula One off season, drivers compete in equal cars, without financial or technological advantage.
The latest news seems to confirm rumours the series, which was started in 2004 by Sheikh Maktoum Hasher Al Maktoum, is struggling to make it to its 2009/2010 campaign.
While the series is trumpeting a possible expansion to 12 rounds next season, it failed to complete four of the 11 events it had planned in season four and several teams did not appear as expected. Series spokeswoman Ann Bradshaw said they had "absolute confidence" the series would not be affected and were hoping to raise the money to pay staff and suppliers "in the very near future".
She said: "Like anyone at the moment, we have cashflow problems.
"We are owed money and our suppliers are owed money. We are hoping to get the money in the very near future to be able to pay our creditors.
"Every member of staff is still working to make sure series five is up and running and we have absolute confidence it will be.
"We are currently working on restructuring the whole series and are looking to reduce costs, as many motor racing series are. We have total belief we can sort out the problems the operations company has and be on the grid for series five."
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