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May 31, 2011
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The saga surrounding Draig Racing and its insolvency seemed to take a turn for solution today as details emerged of a deal between the embattled team and the GPVWC Administration.
Draig Racing, which found itself short of money after just 7 races in the season, was put into receivership in an attempt to guarantee the future of the team, as bankruptcy threatened to leave the team at home just before the forthcoming Monaco Grand Prix - a blow to the World Championship ambitions of lead driver Lee Morris.
However, an eleventh-hour deal with the GPVWC ensured an injection of funds in the team's coffers, just enough for the team to guarantee attendance to the remaining Grand Prixes of the 2011 season. The full details of the loan are as follows:
Participants: GPVWC Bank - Draig Racing.
Type of loan : Fund against expected income.
Duration: Until the end of the 2011 season.
Amount: Depending on the team expenses, calculated around
Draig Racing, which found itself short of money after just 7 races in the season, was put into receivership in an attempt to guarantee the future of the team, as bankruptcy threatened to leave the team at home just before the forthcoming Monaco Grand Prix - a blow to the World Championship ambitions of lead driver Lee Morris.
However, an eleventh-hour deal with the GPVWC ensured an injection of funds in the team's coffers, just enough for the team to guarantee attendance to the remaining Grand Prixes of the 2011 season. The full details of the loan are as follows:
Participants: GPVWC Bank - Draig Racing.
Type of loan : Fund against expected income.
Duration: Until the end of the 2011 season.
Amount: Depending on the team expenses, calculated around
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