The DS Phoenix team have taken a step towards securing their future in Formula Virtual by finalising an agreement to come out of administration. The British team went into administration in November; with the largest creditor - by far - being outgoing engine supplier DS Automobiles. Having laid out plans to revert to their original name; Phoenix Motorsport, the team completed a company voluntary agreement (CVA) this week, giving back control to the team after a worrying month for all involved with the team from Greater Manchester. A spokesman at TMF Advisory said: “We are pleased that the financial restructuring of the company has been progressed after creditor approval of the CVA. Phoenix has succeeded in finding new investment; details of which will be revealed at a later date. With this new investment and a continuity of the respected management, the business has the ideal platform from which it can accelerate the operational rebuilding already underway to get a team back racing in 2020, something that looked almost impossible just a few short days ago. We’ll complete our duties as administrators with the necessary filings needed in order to formally exit the company from administration over the next few days.” They are not out of the woods just yet, and the tribulations of the last few months will surely have an impact on the team, but this has to be seen as the first piece of good news for some time for them. Phoenix have so far not revealed details of the identity of the new investor - who came in just before the deadline of the 14th December - although it is believed to be an individual already known amongst the Formula Virtual circle.
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