Pollock is heading a group of American investors trying to do a deal to buy the financially-strapped team.

He was pessimistic about his chances of saving Arrows after the team failed to show up at the Hungarian Grand Prix.

But after two days of talks, he says he now believes the team can be rescued.

"I'm confident something will happen. I wouldn't have said that yesterday but I haven't had a lot of sleep," Pollock told Autosport.com on Sunday.

"I have a group of American investors that are convinced they should keep their eye on the Formula 1 scene and obviously the team that came up was Arrows.

"The way it stands today, I think we are very close to concluding some form of agreement between ourselves and Arrows, which has taken close on four months to get to this stage.

"But nothing has been signed. The reality is to save the team as it is and start with a new sheet of paper."

There are still a lot of hurdles to clear before that can happen.

Arrows have laid themselves open to being kicked out of F1 by missing the event.

And Pollock is aware of the fact that if the team lose their rights because they are viewed to have been absent because of insolvency, then his purchase may be worthless.

It could leave Arrows viewed like any other new team - and therefore open to having to pay a $48m deposit to race in 2003.

Arrows are in further trouble because they have failed to pay their latest instalment to engine suppliers Cosworth, who may now take action to recover their money.

But McLaren team boss Ron Dennis believes a pragmatic approach will be applied, rather than any form of punishment being imposed on Arrows.

"The important thing for Arrows to maintain its value is to stay out of liquidation," Dennis said.

"If that's the case, then I think it's a question of the teams and the governing body [the FIA] taking a pragmatic view on some of the regulatory aspects that determine whether a team has to pay a fine or not.

"There are automatic mechanisms, but there is the power within the FIA, and certainly with the teams to waive those.

"I think in this instance most teams would be supportive of anything that would keep another Grand Prix team involved."