A1 Speeds Towards New Buyer

Bridge Business Recovery is extremely confident of finding a buyer for the A1 Grand Prix series after being appointed joint liquidators of the parent company.

The A1 Grand Prix was initially set up as a competitor to Formula 1, being raced in the Formula 1 off season and was dubbed ‘the World Cup of motorsport.’  This was because all of the teams in the competition were representatives of a particular country.  Each team raced the same car as each other, in order to provide better competition than Formula 1, the only differences were certain aspects of the set up to each car.

However, after a moderately successful first couple of years, the sport collapsed last summer following a winding up order from the High Court.

The petition was made against the operating company which was subsequently placed into administration in October last year.

Now Tony Murphy and James Bradney, partners from Bridge Business Recovery, have begun the task of selling the assets of the company’s operations as a whole package, ideally with a view of the buyer re-launching the A1 Grand Prix series in some form in the near future. 

The assets include Lola cars, parts and spares, as well as the intellectual property rights to the A1 Grand Prix series logos and brands.

Tony Murphy, partner at Bridge Business Recovery, said: “Although it is still early days we are highly confident that a buyer can be found for the company’s assets and with it the prospect of the A1 Grand Prix series returning to our TV screens at some point in the near future.”  

Posted at 09:00AM Mar 21, 2010 by Marc Stenton in Insolvency  |  Comments[0]