Arrows assets to go under hammer.

The ill-fated Arrows Grand Prix team will be carved up and sold off to enthusiasts and rivals alike next month, after several major motorsport players failed to reach an agreement to buy the operation outright.

According to reports in the local media surrounding the team's Leafield base [this is oxfordshire.com], Arrows' assets will be sold at auction from the factory on 26-27 March. The move is similar to that which followed the demise of the former Simtek and Prost teams, and will allow race fans to get their hands on items of memorabilia, but only comes about following the inability to reach a deal with any of Arrows' racing rivals to buy the business.

According to reports, a spokesman for the liquidation agent Dovebid Bache confirmed that several F1 organisations - including BMW - had been thinking about buying the business outright.

Arrows' officially went into liquidation in January, after a series of drawn-out court appearances followed the non-appearance of the team in six of the final grands prix of 2002. A winding-up petition was granted on behalf of former driver Heinz-Harald Frentzen - now back at Sauber for 2003 - as the German remains is one of a number of creditors - including Minardi rival Jos Verstappen - still chasing money they claim is owned to them by Arrows.

"We are asking former employees of the company to lodge their claims for statutory redundancy with the Department of Employment," Philip Long, representing joint receiver accountancy firm PKF, said, "Former employees will be able to claim as unsecured creditors for their back pay."

Staff at the team were put on paid leave last summer, prior to being laid off when it became apparent that there was no future F1 involvement for Arrows.