Damon Hill car business in trouble

(GMM) A business founded by 1996 world champion Damon Hill has been put into administration.

'P1 International', a membership club involving the sharing of high-performance road cars, was set up in 2000 by Hill and Michael Breen.

Breen bought the company three years ago but Hill, who contested 122 grands prix most recently in 1999, remained a creditor until he filed a winding up petition last month.

The club may now be sold.

"The value of the cars has fallen sharply and membership has dropped off," a source is quoted as saying by the Daily Telegraph.