The single-seat series, based on national teams, in which all the cars have the same specification, was launched in 2005 but has struggled to cover its costs. Its UK arm, A1 Grand Prix Operations, went into liquidation in June, raising doubts about the future viability of the series. Creditors include broadcasters, promoters and suppliers, such as Ferrari, which provides the engines for the series. The cars for the series are currently impounded in London following a writ from the transportation company, Dot.
IMG is replacing A1GP’s former media-rights adviser, Richard Dorfman, who is also thought to be among A1GP’s creditors.
A1GP chairman, Tony Teixeira, said this week that funding had been found to guarantee the future of the series for “the next three to four years.” He said the company intended to settle with all of its creditors before October 6. The 2009-10 season begins on October 25 at Surfer’s Paradise in Australia.
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