Tom Walkinshaw's troubled team released a statement this afternoon (Tuesday) which said that the team will not compete in this weekend's race: "Arrows Grand Prix International today confirms that it remains in detailed discussions with potential investors. In the light of this, Arrows has been advised to do nothing that could interfere with these discussions and that the OrangeArrows team should not compete in the Hungarian Grand Prix this weekend.
Arrows hopes to be in a position to make a further statement within the near future."
Heinz-Harald Frentzen confirmed earlier today that he would not be participating in the Hungarian race.