js


NewsPicsWeb	SEARCH

REGISTER | LOG-IN

HOME F1 MOTOGP CARS BIKES PICTURES GRID GIRLS VIDEO

F1 | WRC | INDYCAR | GP2 | BTCC | WTCC | DTM | SPORTSCARS | F3 | A1GP | NASCAR | RENAULT WS | V8 | RALLY UK

Here:

»

Home

»

A1GP

»

Have Your Say

»

Series in doubt after liquidation?

Series in doubt after liquidation?

RECOMMENDED COMMENT

631 agree. 515 disagree.

Report Abuse

I'm owed money by this Sh*T someone on this site lovingly calls "MR Texiera" Do you pro Sh*t lobby really think the series can go on. This season's winning team has dissbanded with no prize money , New Zealand has dissbanded pulled out, Lebenon who paid their bills has pulled out with all the team layed off. France are about to call it a day along with South Africa, "Mr Texiera" has no staff left. The Silverstone facility is abandond, the London office only has a lawyer in it. "Mr Texiera" has no race cars and no equipment, a creditor is holding them against a huge debt, including innocent mechanics own personel gear. We are all dreaming if we think any money will come from these people

Posted by A1insider - Unregistered (256 days ago)

SPONSORED RELATED SEARCHES

Car Insurance	A1GP Tickets
Car Hire	Car Parts
Cars For Sale	Loans
Used Cars	Bad Debt Loans

Sort Comments: Oldest | Newest

A1GP » Series in doubt after liquidation?

Latest financial blow casts shadow over 2009-10 plans.

» Read The Full Story

Add Comment

Report Abuse

Ive cut and pasted this as a service for people on the other side of the pond. Whats the latest from the UK Europe etc?

Posted by latest from our side of the pond OZ - Unregistered (136 days ago)

Report Abuse

The Australian arm of A1GP is not named in the report and details of its finances and its dealings with the State Government are not available.

Mr Teixeira's A1GP group went into receivership in July and its cars were locked up by a freight company last month.

The Sunday Mail has seen two sets of legal advice provided to the Government, warning that the Gold Coast contract could not been terminated any sooner than last weekend when Mr Teixeira finally admitted the cars would not be in Australia.

Posted by latest from our side of the pond OZ - Unregistered (136 days ago)

Report Abuse

Virgin and Canary islands predict A1GP's debt to soar beyond the $25 million currently assessed.

In a preliminary report in A1GP last month at a time when the State Government and Gold Coast organisers were still confidently predicting their race would go ahead Tim Bramston from London insolvency specialists Griffins found A1 Grand Prix Operations Ltd lost money in each of the past four years for a total of more $100 million.

Pledges from A1GP boss Tony Teixeira to pay off external creditors had so far amounted to empty promises, Mr Bramston wrote.

He added he seriously doubted that the funds existed to pay off any of A1GP's debts.

Posted by latest from our side of the pond OZ - Unregistered (136 days ago)

Report Abuse

The minister stood firm trackside yesterday.

"I'm not going to resign," Mr Reeves said.

"I know what I've done. I've worked tirelessly to ensure this event went ahead and was a success."

But the Government's five-year deal with A1GP is now not worth the paper it's written on, experts say after viewing documents obtained by The Sunday Mail.

Unpaid debts attributed to A1GP range from $250 staff expense bills to a staggering $9.5 million claim from Italian car giant Ferrari, according to British administrators appointed to UK-based A1 Grand Prix Operations Ltd.

Forensic accountants trawling through the company's many offshoots in several countries including the tax havens of the Virgin

Posted by latest from our side of the pond OZ - Unregistered (136 days ago)

Report Abuse

"Clearly, the fans love this event and want to keep coming back year after year."

She said the Government now had to look at what happened this year and consider what needed to be done in the future.

But no one has yet been chosen to head the independent review announced by the Premier last week and which is due to start tomorrow.

If that review is given the power to examine A1GP finances, it will provide concerning reading for the Government and possibly powerful ammunition for the Opposition, which already has called for Mr Reeves' resignation to follow that last week of race organiser and former Labor Party heavyweight, Terry Mackenroth.

Posted by latest from our side of the pond OZ - Unregistered (136 days ago)

Report Abuse

A total of 58,823 attended yesterday's event, down from 83,337 last year and the lowest crowd number since 1994.

The crowd over the three days so far is nearly a third below last year's numbers.

Organisers had been hoping to hit the 250,000 mark for the four-day festival, but would need the biggest attendance in years today to get anywhere close.

Premier Anna Bligh was another who saw only a bright lining to a clogged chicane of deception and disappointment surrounding the event.

"Another 58,800 fans came through the gates today and all major Gold Coast hotels are reported to be at full capacity," the Premier said.

Posted by latest from our side of the pond OZ - Unregistered (136 days ago)

Report Abuse

A1GP last week reneged on its $11.9 million Queensland contract, forcing the State Government to hurriedly reorganise the four-day racing fest.

Organisers relied on V8 Supercars and other local content to fill out a sp**** program.

Yesterday, the Government publicity machine was spinning faster than the car tyres in a bid to put positive gloss on the motorsport festival's biggest no-show in 15 years.

In a spectacular sidestep of the off-track wreckage that is the Government's dealings with the failed motor-racing firm, defiant Sport Minister Phil Reeves yesterday claimed the A1GP had "done us a favour" by failing to show.

But the crowd figures told a different story with numbers about 2

Posted by latest from our side of the pond OZ - Unregistered (136 days ago)

Report Abuse

THE State Government signed a lucrative motor racing contract with an organisation whose parent company was financially crippled and had a history of unpaid bills.

In its desperation to replace the Indy race on the Gold Coast, Anna Bligh's then sport minister Judy Spence recruited the A1GP racing organisation at a time when due diligence could have shown the company was highly fractured, mysteriously multi layered and more significantly owed about $25 million to more than 300 creditors.

The details are in a British administrator's report into the failed company, obtained by The Sunday Mail.

Posted by latest from our side of the pond - Unregistered (136 days ago)

2 agree. 1 disagrees.

Report Abuse

The A1GP website is out of the air..

Posted by website - Unregistered (139 days ago)

1 agrees. 1 disagrees.

Report Abuse

Has this forum been suspended

Posted by brightsky - Unregistered (140 days ago)

Page 2 of 55

« ‹ 1 2 3 4 5 6 7 8 9 10 11 › »

List Topics

Add Comment

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us using the [Report Abuse] function next to the offending comment post. Any message that does not conform with the policy of this service will be edited or removed with immediate effect. Crash Media Group prohibits defamatory posts.

Site Map


MOTORSPORT F1 NASCAR WRC WTCC Indycar GP2 Renault WS	Sportscars F3 DTM BTCC V8 Supercars A1GP Rally UK	MotoGP WSBK BSB Moto-X Road Racing	INTERACTIVE Audio Podcasts Have Your Say Polls RSS Newsfeeds Make Homepage	Contact Us Jobs Free Screensavers Official Links Unofficial Links Race Cars for Sale	SERVICES Motorbike Insurance Bike Insurance Motoring Experiences Motorcycling Experiences Loans

© 1999 - 2010 Crash Media Group
The total or partial reproduction of text, photographs or illustrations is not permitted in any form.

Contact Crash.Net | Advertise on Crash.Net | Our Privacy Policy | About Crash.Net | Get News Feeds | Need a Website?

Find car reviews on sports cars such as Ferrari, BMW, Porsche and many more.