The Arrows team has applied to be taken into administration while it completes an equity sale designed to safeguard the company's future.  At a court hearing in London today, where creditors including Heinz-Harald Frentzen were seeking a winding up order, Arrows made the application causing the court hearing to be adjourned until December - giving the team vital time to finalise its rescue deal.

It takes several weeks for adminstrators to be appointed to an ailing company, and in the meantime creditors are held at bay and unable to take further legal action.  A legal source told media that today's application was a tactic designed to buy time at a critical moment but with only 48 hours to go before the team has to place its entry for the 2003 Formula One World Championship time is tight.