From the Telegraph. 

 

 

The British arm of the A1GP series (A1GP) has collapsed.

The company – which is responsible for much of the group's day-to-day operations, such as looking after the cars – went into liquidation last Wednesday.

A spokesperson for A1 Grand Prix Operations Limited said: "Like many other companies in today's difficult economic environment, we had cashflow problems and we haven't been able to pay them (the suppliers)."

It is not clear what will happen to the company's 40 employees, who work at Silverstone and in London.

Sources said Tony Teixeira, the company's chairman, has indicated that workers could be re-employed through another vehicle in the next few days.

Meanwhile, the spokesperson for A1GP said the court could soon appoint an administrator to A1 Grand Prix Operations Limited, which is a subsidiary of A1 Holdings, a company based in the British Virgin Islands.

The A1GP concept was launched in 2004 by Sheikh Maktoum Hasher Al Maktoum, a member of Dubai's ruling family.

In 2006, Sheikh Hasher Al Maktoum left the group as part of a major financial restructuring that was supposed to help the company prepare for a float on the London Stock Exchange.

That deal saw hedge fund RAB Capital acquire a majority stake in A1GP. RAB's Special Situations fund, which is run by Philip Richards, bought the 80pc stake. Back then RAB's stake was reported to be worth about £100m, but it has since been written down by a substantial amount.

RAB Capital declined to comment.

another warning for F1. I wonder what would happen if CVC where to get into 'difficulties' maybe F1 would go up for sale again? Is it possible for F1 to go into liquidation ..?

What a shame, it's a pity A1GP didn't really take off, the concept was a good one and I really enjoyed the few races that I managed to see.

Anyone know if the series has completely finished?

twinkle_toes22:

another warning for F1. I wonder what would happen if CVC where to get into 'difficulties' maybe F1 would go up for sale again? Is it possible for F1 to go into liquidation ..?

I don't know, but I would guess that in the unlikely event of CVC going bust the Commercial Rights, which they lease from the FIA, would revert to their owner. I other words, the FIA. Not sure what the rules are for selling them on, that would be part of their lease agreement, but I don't suppose there would be too many people with the right sort of money available in these troubled times that would be interested. They are reported as having paid £1.9B for the Commercial Rights for 100 years, don't suppose they would want to sell it at a loss.