Bankruptcy
On September 18, 2007, Delta Motorsport, supplier of the GP Masters chassis, announced they were filing a petition with the British High Court to have the GP Masters Operating company placed in liquidation due to non-payment of invoices. Following a hearing on the 28th of November, 2007, the Grand Prix Masters series was officially wound up.
GP Masters should not be confused with the Masters Series, owned by Ron Maiden, which runs various historic race series.
In the first quarter of 2008 Delta Motorsport stated that they intend to re-launch the series under the name F1 Masters using the original car that they manufactured for the GP Masters series.
Read more about this topic: Grand Prix Masters
Famous quotes containing the word bankruptcy:
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.”
—Washington Irving (1783–1859)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)