A1 Bankrupt!

[steve nielsen]

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.

(telegraph.co.uk)

Well, we all coul see that one coming, the question was:when?.