A1 GP administrators put Ferraris on the market
Twenty Ferraris and other high-class motoracing vehicles have been put on the market by GoIndustry DoveBid in a bid to sell off the assets of A1 GP, better known as the World Cup of Motorsport.
David Hampson of Dove Bid Valuation Service has been instructed by Griffins, the administrator, and Bridge Business Recovery, the liquidator, to market the assets of A1 and A1 Grand Prix Operations on behalf of creditors in a private treaty sale - in an effort to keep the popular race series alive.
The assets include 20 of the latest Ferrari engined single seat race cars (2008), 14 of the earlier Lola race car rolling chassis (2005) and all of the support equipment, including the Maserati Quattroporte Sport GT and Ferrari 599GTB track safety cars.
Hampson said: “Offers are currently being invited for the whole asset package, including the intellectual property rights to the A1 GP series logos and brands.”
A1 GP, founded in 2004, is a single manufacturer, open wheel formula racing series ratified by the Fédération Internationale de l'Automobile (FIA), in which identical cars compete against each other. The series is nation-based and included high profile drivers such as Nelson Piquet Jr., Vitantonio Liuzzi and Sébastien Buemi, who had previously raced in Formula One.
Tim Bramston, a partner with Griffins, the administrator of A1 Grand Prix Operations, said that he was aiming to have a purchaser of the assets in place by the end of this month.
Bramston said: “We took the step of administration in order to re-unite the Ferrari powered cars with the intellectual property rights to use the brand. The vehicles have now been laid out for inspection in a single location and discussions are already underway with a number of interested parties.”
Tony Murphy, a partner at Bridge Business Recovery, the liquidators of A1 GP's parent company, A1 Holdings Ltd said that the intention was to market the series as a complete package.
“We are highly confident that a buyer can be found for the combined pool of assets and with it the prospect of the A1 GP series returning to our TV screens at some point in the near future,” Murphy said.Posted at 06:49PM Mar 29, 2010 by Kelly Board in Insolvency | Comments[0]
