P1racenews AI automatic summary:
Arrows F1 team went into receivership on 2nd January 2003, having been denied entry to the following season by the FIA.
Arrows Grand Prix International, a long-standing Formula 1 team, faced financial instability for years before finally collapsing into receivership on 2 January 2003. The closure resulted in the abrupt end of the team and left hundreds of employees without jobs as the new season approached. Despite participating in 394 championship entries, Arrows failed to secure a single grand prix victory, making it the F1 team with the most entries without a win. The 2002 season marked the breaking point for Arrows, as mounting debts and legal disputes forced the team to withdraw from races and ultimately cease operations months before the season’s end. Attempts by team principal Tom Walkinshaw to salvage the situation through personal funding and negotiations proved futile, leading to the inevitable collapse of Arrows Grand Prix International.
At the French Grand Prix, Arrows resorted to withdrawing both cars from qualifying to reduce costs and defer payments to creditors, but this strategy only delayed the inevitable. Engine supplier Cosworth demanded advance payment for power units, further exacerbating the team’s financial problems. The absence of Arrows from the final five rounds of the season signaled the end of an era for the team and marked a sad conclusion to its 25-year journey in Formula 1.
