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29 Jun 2009, 08:27
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#1
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Veteran
Join Date: Mar 2000
Posts: 3,320
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A1 Bankrupt!
Quote:
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.
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(telegraph.co.uk)
Well, we all coul see that one coming, the question was:when?.
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29 Jun 2009, 10:09
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#2
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Subscriber
Veteran
Join Date: Dec 2002
Posts: 3,024
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That's sad. Hope something can be recovered from the ruins.
Jim
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__________________
Life is not safe, just chose where you want to take the risks.
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29 Jun 2009, 10:14
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#3
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La Grande Théière
Veteran
Join Date: Feb 2002
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5 minutes from the kentagon |
Posts: 2,168
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It is only A1GP operations Ltd(UK) that appears to have gone bust.
One might presume that the cars etc are owned by another company. Hence TT talking about reforming under another name (and my thought that it might be outside of the UK, given TT's Angolan/Portuguese background and his new links with the Algarve circuit)
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__________________
Alasdair
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29 Jun 2009, 10:21
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#4
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Veteran
Join Date: Dec 2001
Posts: 2,114
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http://www.ten-tenths.com/forum/show...&postcount=121
That Tony indicated "workers could be re-employed through another vehicle" suggests that there's some sort of plan in place; and it's only the UK companies that appear to be in trouble (haven't seen the relevant documents filed at Companies House yet if they are indeed in liquidation).
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29 Jun 2009, 11:40
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#5
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Veteran
Join Date: Mar 2003
Posts: 668
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This is all very well, but just another example of how the system can be manipulated to cheat people out of their hard earned money. Many suppliers, will be badly hurt by A1's bad debt, and some may go under. It is hard times for all, but most of A1's problems are a result of stupid decisions made by the so called managers of this series...
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29 Jun 2009, 15:36
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#6
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 Race Official Veteran
Join Date: Oct 2005
Posts: 1,219
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Extremely cynical if it is just a matter of avoiding supplier payments while relocating, and surely the damage done to A1GP's already poor reputation would make any sort of continuation very unlikely under the current mismanagement.
I can only hope somebody else buys it out and continues to run it as a going concern. It will be a travesty if it is lost.
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29 Jun 2009, 18:18
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#7
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Rookie
Join Date: Dec 2007
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Location:
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UK and Spain (or flying!) |
Posts: 20
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Quote:
Originally Posted by Kiwi3
Extremely cynical if it is just a matter of avoiding supplier payments while relocating, and surely the damage done to A1GP's already poor reputation would make any sort of continuation very unlikely under the current mismanagement.
I can only hope somebody else buys it out and continues to run it as a going concern. It will be a travesty if it is lost.
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Teixeira is said to have commited to continue with the series, and to pay evry debt to the suppliers, which at the end of the day, are who will make season five happen.
Let´s hope he can do that... and all the effort of put into season 4 (including the new cars) will not be lost.
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29 Jun 2009, 19:15
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#8
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Racer
Join Date: Jan 2008
Posts: 487
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Quote:
Originally Posted by Mak
This is all very well, but just another example of how the system can be manipulated to cheat people out of their hard earned money.
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I got news for you: Everyone is swindling you out of your money 
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29 Jun 2009, 20:22
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#9
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Veteran
Join Date: Mar 2000
Posts: 3,320
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Quote:
Originally Posted by Joaquin Topiso
Teixeira is said to have commited to continue with the series, and to pay evry debt to the suppliers, which at the end of the day, are who will make season five happen.
Let´s hope he can do that... and all the effort of put into season 4 (including the new cars) will not be lost.
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If he can pay, why has'nt he payed it yet??
and if they can make it happen: who's willing to do buisiness with a company wich has trouble paying the bills??(especialy these days)
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29 Jun 2009, 21:43
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#10
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Racer
Join Date: Nov 2004
Posts: 269
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Well, this doesn't suprise me at all.
They have spent an enormous amount of money, and still have no big tv-income, no manufacturer sponsorship, a lot of dropped events and with low tv-ratings limited sponsorship for teams.
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30 Jun 2009, 01:28
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#11
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Racer
Join Date: Nov 2005
Posts: 438
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More dodgy restructuring along the lines of Team GBR by the sound of it ... bunch of crooks (imo), I hope the appropriate authorities investigate
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30 Jun 2009, 03:37
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#12
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Race Official Veteran
Join Date: Oct 2005
Posts: 1,219
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Quote:
Originally Posted by steve nielsen
If he can pay, why has'nt he payed it yet??
and if they can make it happen: who's willing to do buisiness with a company wich has trouble paying the bills??(especialy these days)
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I have the same questions.
And there is nothing on the official series website yet. The longer the news is in the public without any explanation of what is going on then the less and less confidence people will have.
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30 Jun 2009, 09:29
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#13
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Veteran
Join Date: Mar 2003
Posts: 668
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Quote:
Originally Posted by RichardRenes
I got news for you: Everyone is swindling you out of your money |
Thats the attitide that has created the current world wide economic problems. Doesn't have to be that way with appropriate regulation in place and social unacceptance of these business practices!
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30 Jun 2009, 11:12
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#14
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Racer
Join Date: Mar 2008
Posts: 118
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A1GP & Ferrari: The look of love
I noticed a series of feature stories now on Autosport.com. I'm sure we are all starving for A1GP related news
Last edited by diabloA1; 30 Jun 2009 at 11:14.
Reason: wrong link
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30 Jun 2009, 15:33
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#15
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Race Official Veteran
Join Date: Oct 2005
Posts: 1,219
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Very nice article by Autosport (may need online subscription). They used to be quite anti-A1GP but seemed to become converts before season 4.
No mention in Autosport of bankruptcy and a comments near the end of the article "But assurances have been given that the finances are now in place and some tough decisions are being taken as A1GP reorganises itself into a more commercially viable series."
Presume this bankruptcy is what the reorganisation refers to.
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