Debt to Ferrari highlights crisis in A1 Grand Prix

Struggling motor racing series A1 Grand Prix, which runs cars designed by Ferrari, owes the company almost £5.4million.

This casts further doubts over the future of the series, which was yesterday forced to cancel two more races from a calendar which had already lost its season-opener.

A1 Grand Prix was launched in 2005 as the self-styled World Cup of Motorsport but has been hit by a spate of financial problems. A1 Grand Prix Operations, which controlled the logistical side of the series, went into administration in September.

Documents from the administrator Griffins reveal Ferrari is A1GP Operations' biggest external creditor, heading a list of around 250 companies and individuals.

In total, A1GP Operations owes almost £100m to its creditors, although £85m of that is to British Virgin Islands-based parent company, A1 Holdings. According to Griffins, the total owed is expected to rise "as many claims are yet to be received".

However, series boss Tony Teixeira insisted: "A1GP may be down, but I do not accept we are out."

[Editor's Note: They are out.]

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