Walkinshaw's Crisis

Gloucester news
By Cherrybomb
July 5 2002

Tom Walkinshaw's Arrows formula 1 team is doomed, with debts of over $100,000,000 owed to various parities. It's seems the company is soon to go into liquidation, but how will it effect us, Tom's other multi-million pound hobby?

Tom Walkinshaw is one of the nicest blokes you will ever meet. He doesn't seem to be the kind of bloke who is a money driven businessman, and it seems, to formula 1 fans, that he isn't that good at it anyway. Mr. Walkinshaw, probably to increase funds for for his failing team, planned to sell a stake in the team to the drinks company, Red Bull. Apparently by planning to do this he broke some kind of rule, and Arrows shareholders Morgan Grenfell took Tom to the high court over it.

Many things about Arrows and their financial situation came out in the court, and the judge decided that Tom Walkinshaw was wrong to do whatever he did. What is really bad though, and what could effect our rugby club, is the situation Arrows find themselves in financially. The team's lawyers stated that Arrows are "doomed barring a miracle."

How does this effect us though? Well, as the team goes in to liquidation or administration, the creditors, who put the money in to the team, have every right to sue Tom Walkinshaw and his colleagues for wrongful or fraudulent trading. Tom has a massive 98% of shares in Gloucester Rugby Club. And if he were to be sued, for A LOT of money, Surely the financial side of the club will look insecure. Ken Nottage promises that Formula 1 has nothing to do with rugby, and that what happens on that side of Tom Walkinshaw's life will in no way effect our club.

Let's support Tom in the future and hope that he comes through it all, as without him we would not be where we are today. No-one will forget when he came out to talk to the crowd at a game after the Newcastle fixture, when he told the crowd of his actions against Rob Andrew for his wrongful allegation against Olivier Azam. The way he communicated to the fans was brilliant, and he views the club from a fans perspective. If he thinks a player is good enough, he will want him to stay, and if he want a player signed, don't bet against him being signed. His passion for Gloucester, and rugby as a whole, has been unrivaled. So good luck Tom.