Filed under: Motorsports
How do you spell 'Boondoggle?' That would be 'A1 GP.' The national-team based, FIA-sanctioned motorsport series declared bankruptcy at the end of last year and all of its holdings and intellectual property are up for sale, including the 20 Ferrari chassis that the Italians had been withholding for debts outstanding.
If the price is much higher than a penny, we question why anyone would want to get involved. In six years the series never made money, teams have been going bankrupt and there are current and potential judgments from individuals and territories against the entire series. Billed as The World Cup of Motorsport, the venture sounded good, and the list of drivers it attracted is seriously impressive, but making the necessary dough is another story.
Still, the administrator of A1 GP Operations is optimistic enough to say he hopes to have a purchaser in place by the end of March. We'll keep an eye out for that announcement, but we think a safe bet with that penny would be on not seeing another A1 GP season. You'll find a press release on the sale after the jump.
[Source: GoIndustry DoveBid]
Continue reading Be Your Own Racing Czar: A1 GP assets offered up in liquidation sale
Be Your Own Racing Czar: A1 GP assets offered up in liquidation sale originally appeared on Autoblog on Tue, 30 Mar 2010 09:29:00 EST. Please see our terms for use of feeds.
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