Teixeira heads for Australia. Ferrari lawyers to follow?

A1GP boss Tony Teixeira has managed to convince a British court that it should order the release of the fleet of A1 cars in exchange for a $9m guarantee to cover potential claims against the A1GP companies. Since the end of the 2008-2009 A1 season, the cars have been held by a freight company that is claiming it is owed $2m. Delivered On Time (DOT) was holding the cars in lieu of payment.

The A1GP operating company went out of business in July and things became complicated. The company was placed in liquidation and official liquidator Griffins began work to sell off the assets. It was granted a court order to stop DOT selling the machinery. Teixeira’s A1GP Holdings, the British Virgin Islands-registered parent company of the defunct operations company, also claimed the cars, arguing that they were not assets of the subsidiary.

Ferrari probably also has some claim, as the engines are believed to be leased from the Italians and do not therefore belong to A1GP. There have been reports for sometime that Ferrari is not happy with the situation as Teixeira allegedly owes it money, not only for the engine supply but also for merchandising rights which he agreed to acquire when he first did the deal. Ferrari is currently making no comment, but Teixeira has recently told an Australian website that he has decided to terminate the merchandising deal, because it is too expensive.

It seems decidedly odd that A1GP would have the power to do that in a Ferrari contract.

If A1GP is still in arrears with Ferrari there is therefore a danger that it is in breach of the Ferrari contract and thus the Italians would probably be entitled to claim its engines back. Teixeira says that he has found the money to run the championship for the next four years and that being the case all will be well. The creditors can be paid and the championship can go ahead. It remains to be seen whether this is actually what happens.

Teixeira says that he will have 17 cars in Australia.

5 thoughts on “Teixeira heads for Australia. Ferrari lawyers to follow?

  1. Teixeira claims that he has found the money to run the championship for the next four years and that being the case all will be well. The creditors can be paid and the championship can go ahead.

    Yeah right. And I’m the Queen of England!

    It’s a pity really, because there was the makings of a sensible, affordable, entertaining, race series. But hey ho, another one bites the dust!

  2. Hey maybe Ferrari will think again next time it threatens to break away as it seems that it’s not a big enough draw by itself? Or is it a failure because it doesn’t have the gossips and scandals like our beloved F1?

  3. Chaps, Teixeira meant 17 Australian Taxis on the grid. A good possibility that they are piloted by South Asian.

    I can also imagine them using the older cars.

    The brutal truth is, no one is watching. So it doesn’t matter.

    D Hon

  4. He’ll have 17 cars they just won’t have any engines

    The meeting is being promoted here as a round of the V8 Supercar (hate that name) series nothing to do with A1GP, hey but that’s the Australian media who keep comparing F1 cars performance to Touring Cars….

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