The Arrows Formula One team called in the receivers PKF yesterday to try to salvage the company, which was refused entry into this year's championship by the sport's governing body, the FIA, and made staff at its Oxfordshire offices redundant last month.
Arrows missed six of the final seven races last season because of financial and supply problems. The Tom Walkinshaw-owned team, which failed to win a race in 382 attempts, faces several legal actions, including one by former driver Heinz-Harald Frentzen seeking about £650,000 in back pay.
Phillip Long of PKF was hopeful about the company's future. "There has been a lot of interest in Arrows," he said. "The global brand has an excellent pedigree, with more than 25 years of racing experience, and will generate a great deal of attention."
Williams plan to launch their new BMW-powered car for the 2003 season in Barcelona on 31 January with the aim of mounting a stronger challenge to Ferrari than last year's model proved capable of doing.
Williams began last season with high hopes, but Ralf Schumacher's victory in the second grand prix of the 17-race season in Malaysia proved to be their only triumph, even though their other driver, Juan Pablo Montoya, started on pole seven times.
The new season starts in Melbourne on 9 March.