Troubled Formula One team Arrows have appointed financial receivers who will attempt to salvage the company.

In December, Arrows were refused entry into the 2003 F1 championship by world governing body the FIA.

The team, owned by Tom Walkinshaw, then made all its staff redundant from its offices in Oxfordshire.

Arrows missed six of the final seven races last season because of financial problems and they failed to win a race in 382 attempts.

Arrows faces several court actions, including a lawsuit by former driver Heinz-Harald Frentzen, who is seeking about around �700,000 in back pay.

Phillip Long of PKF, the company which will now manage Arrows' business affairs, said: "There has been a lot of interest in Arrows.

"The global brand has an excellent pedigree with more than 25 years of racing experience and will generate a great deal of attention."

Around half of all administrative receiverships in Britain end in rescue of all or part of the business.

Those in charge have wide powers to sell the assets and goodwill of the business, but liabilities usually remain with the company to be settled from the proceeds of any sale.