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]
LONDON, March 25, 2010 /PRNewswire/ -- Leading global asset sales and valuations company, GoIndustry DoveBid, is offering a unique opportunity to acquire the assets of A1 GP, better known as the 'World Cup of Motorsport'.
GoIndustry DoveBid has been appointed to market the assets of A1 Holdings Ltd [UK parent company in liquidation] and A1 Grand Prix Operations Ltd [UK operating company in administration] on behalf of creditors in a Private Treaty Sale - in an effort to keep the popular race series alive.
A1 GP, founded in 2004, is a single manufacturer, open wheel formula racing series ratified by the Federation Internationale de l'Automobile (FIA), in which identical cars compete against each other. The series is nation-based and included high profile drivers such as Nelson Piquet Jr., Vitantonio Liuzzi and Sebastien Buemi, who had previously raced in Formula One.
Explains David Hampson of GoIndustry DoveBid Valuation Services: "GoIndustry DoveBid is pleased to announce that its UK Insolvency team has been instructed by Griffins, the administrator and Bridge Business Recovery, the liquidators, to market the assets of A1 GP. The sale includes more than 20 of the latest Ferrari engined single seat race cars (2008), 14 of the earlier Lola race car rolling chassis (2005) and all of the support equipment, including the Maserati Quattroporte Sport GT and Ferrari 599GTB track safety cars. Offers are currently being invited for the whole asset package, including the intellectual property rights to the A1 GP series logos and brands."
Adds Tim Bramston, a partner with Griffins, the administrator of A1 Grand Prix Operations Ltd: "We are delighted to be co-operating on this sale for the benefit of all of the creditors. We took the step of administration in order to re-unite the Ferrari powered cars with the intellectual property rights to use the brand. The vehicles have now been laid out for inspection in a single location and discussions are already underway with a number of interested parties. We are currently aiming to have a purchaser of A1 GP assets in place by the end of March."
Says Tony Murphy, a partner at Bridge Business Recovery, the liquidators of A1 GP's parent company, A1 Holdings Ltd: "The intention is to market the series as a complete package. We are highly confident that a buyer can be found for the combined pool of assets and with it the prospect of the A1 GP series returning to our TV screens at some point in the near future. Not only that but the purchaser will command the commercial benefits and prestige associated with running the 'World Cup of Motorsport' series."
Any interested parties should visit http://www.go-dove.com and contact GoIndustry DoveBid by email at A1GP@go-dove.com.
SOURCE GoIndustry DoveBid