The Arrows Formula One team has gone into liquidation according to reports by British newspaper, The Guardian.

The Leafield based team called in the receivers at the beginning of January in what was said to be the final attempt to save the team.

However with no entry into the 2003 FIA Formula One World Championship their was little left to sell and the outfit has now finally died, joining Prost Grand Prix and others, which have also succumbed to the F1 challenge.

The receivers are now looking to sell off Arrows' assets and former boss, Tom Walkinshaw may face legal action, as he still owes Cosworth, some ?6 million for engines.

The severity of the financial problems at Walkinshaw's outfit first became public knowledge at the British Grand Prix in July. Arrows then went onto miss six races in the remainder of the 2002 season, the squad last racing at German GP on July 28th.

Arrows was formed by former members of the Shadow team back in 1977, who christened the new outfit according to their initials: Franco Ambrosio, Alan Rees, Jackie Oliver, Dave Wass and Tony Southgate - with an extra 'R' thrown in for good measure!

The team contested 381 races and notched up a total of 167 points. In recent years their best result came in 1997, when World Champion Damon Hill joined the team and almost took victory at the Hungarian Grand Prix. A minor technical problem though in the final few laps meant Hill would only finish second.

Arrows never won a grand prix - and now never will.