02/12/2004
NEWS STORY
 |
It's understood that team founder, and former team principal, Craig Pollock, has taken legal action to prevent Honda's purchase of 45% of the BAR team.
When Honda announced that it was to purchase a 45% stake in the Brackley outfit, British American Tobacco had already started to put BAR Holdings - a company in which Pollock, team co-founder Adrian Reynard and Rick Gorne, all had a financial interest - into administration. It's understood that BAR Holdings owned 10% of the original company.
The aim was for British American Tobacco to buy back BAR as sole owners and then sell the 45% stake to Honda, which had made it clear did not want to get financially involved whilst there were any 'minor' shareholders.
It's understood that Pollock has begun legal proceedings to stop BAT placing BAR Holdings into administration. Furthermore, the Scot is claiming that BAT acted improperly in agreeing the sale to Honda without consulting all BAR board members.
While BAT is claiming that it acted properly and that there is no case to answer, Pollock says quite the opposite, and is confident of success.