Arrows call in receivers to save company.

Tom Walkinshaw's Arrows team is making a last bid attempt to save itself by appointing financial receivers who will attempt to rescue what they can from the fallen team.

Arrows have been in a precarious state since the FIA declined their entry to the 2003 Formula One season, the team having been seen to bring the sport into disrepute by its absence from six races last season.

After its entry was declined Walkinshaw then made all the remaining Arrows staff redundant, many having already jumped ship as the writing has been on the wall for a long time.

The appointed financial receivers, PKF, are the same company that handled the Prost sale of assets this time last year. Ironically Walkinshaw was involved in an attempt to enter F1 with the remnants of Prost with friend and sometime racer Charles 'Chuck' Nickerson under the Phoenix moniker.

Phillip Long of PKF reckons there has been good interest in the team. "There has been a lot of interest in Arrows," he told the BBC. "The global brand has an excellent pedigree with more than 25 years of racing experience and will generate a great deal of attention."

The stumbling block for the Prost sale last year was their non-entry in the 2002 championship. With Arrow's entry for 2003 having been declined it remains to be seen what worth the team has on the open market.