A1GP » Series in doubt after liquidation?

A1GP » Series in doubt after liquidation?

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Series in doubt after liquidation?

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Series in doubt after liquidation?

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629 agree. 515 disagree.

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 (147 days ago)

Latest financial blow casts shadow over 2009-10 plans.

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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 (27 days ago)

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 (27 days ago)

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 (27 days ago)

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 (27 days ago)

From Autosport - finally the end ?

The Chinese and Malaysian rounds of A1GP have been cancelled because the series' rescue package has not materialised in time.

The scrapping of the races at Zhuhai and Sepang follows the cancellation of the opening round at Sufers Paradise in Australia last month.

This week's AUTOSPORT magazine reports that A1GP's administrator is hoping to sell the entire fleet of cars to someone wanting to continue the series, although the cars will need to be modified to meet the FIA's latest head-restraint and side-impact regulations.

Several key A1GP personnel have now left the company and the series' equipment has been put into storage after the lease on its hangar

Posted by Manxman - Unregistered (22 days ago)

1 agrees.

Ive been a fan since 1993 of the nation against nation series. Shame its ended that way. I would have loved to be involved in A1 , as I ran the OZ team in the original series.It was great fun, Lets hope someone buys it. youtube regteamoz

Posted by you tube: regteamoz - Unregistered (14 days ago)

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