The Arrows team appears to have secured an 11th hour rescue deal from a German consortium which will enable it to compete in next year's Formula One World Championship.  With Friday's deadline for Championship entries looming the team issued a short statement today, giving hope to the staff and suppliers who have been waiting patiently for team principle Tom Walkinshaw to find a solution to the team's financial crisis.

"Arrows has agreed and signed Contracts with German based investors for the introduction of substantial new equity into the Team. Until we reach Completion, the terms of the deal must remain confidential.  However, in view of the various parties involved the process is taking some time to complete.  There was a Court Hearing, adjourned in September, which was due to be heard this week. In light of this, Arrows has sought the protection of the Court in order to provide the time it needs to achieve Completion on the deal. A further statement will be issued at this time."

Assuming the team has been saved on the financial front, there will be much work to do in terms of re-hiring staff, building a car, securing additional sponsorship and finalising an engine deal.