26 September 2009
A1GP announces funding deal
A1GP has announced that it has undergone a financial restructuring which it believes will safeguard its long-term future.
The series has been beset by financial issues since its inception, which increased last season when A1 Grand Prix operations – the operating company of the series – was placed into administration. A number of teams, including Team GB, also hit financial problems.
However, A1GP chairman Tony Teixeira said that a new restructing would not only allow the series to continue as planner, but would allow it to grow in the coming seasons.
“I wanted to announce this re-financing a long time ago, but the reason it has taken longer than I planned was the size of the package,” he said. “I could see no reason to look for a one year deal, it had to be for at least three to four years until such a time as the series is independent. This way we can make sure everyone involved in the series has the necessary security and the series is totally creditable.
“I shall be meeting all of them personally in the next couple of days. I want them to understand this is a series that is here to stay on the motorsport scene, and they need to know their involvement is with a series that is going from strength to strength.”
Teixeira added that he was keen to stress that the series has a future and said he was keen to ensure that creditors of A1GP operations would be dealt with prior to an administration hearing due to take place next month.
“I have seen all the stories written over the past few weeks doubting the future of the series, and these are not new to me as I have seen them at the start of every one of our four seasons,” he said. “These are not things I like to read and I feel frustrated that I cannot always come out and explain exactly what we are doing, but, as you know, we have always delivered every season and race we have committed to.
“Our intention is to settle all our outstanding creditors prior to the administration hearing, and would like to thank them for their patience and support.
“We at A1GP have been so lucky to have such loyal support from all our stake holders - management and staff, race promoters, team owners, partners, suppliers, TV rights holders, sponsors and last but not least our fans.”
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