Phoenix Finance
Encyclopedia
Phoenix Finance was a British banking company which attempted to enter the 2002
and 2003 Formula One season
s. Charles Nickerson was Managing Director of the company.
, outbidding Paul Stoddart
of Minardi
, shortly before the 2002 Australian Grand Prix
. The team hoped to enter Formula One at the next round, the Malaysian Grand Prix
. The team planned to use the 2001-spec Prost AP04
chassis with Hart
designed Arrows
V10 engines from 1998. Tom Walkinshaw
boss of the Arrows team had planned to give the new team assistance.
However their entry to the championship instantly hit problems as to whether Phoenix were Prost under a new name or a new team with some of Prost's old assets. Their entry was rejected by the FIA because the team did not buy Prost Grand Prix completely, thus making them a new team. As they were a new team, they were required to pay a $48 Million fee to the FIA in order to enter F1. As they had not done that, they were refused entry into the sport. F1 supremo Bernie Ecclestone
claimed of Charles Nickerson at the time that "He has bought nothing in Formula One. All he has bought is some show-off cars". Phoenix also claimed that along with several other assets, they had also bought the Prost entry into Formula One, which in their view, meant that they did not have to pay the $48 Million fee to the FIA. The FIA later rejected this claim and ruled that team entries could not be bought or sold.
Phoenix did appear at Sepang
for the 2002 Malaysian Grand Prix
. They had the former Minardi drivers, Tarso Marques
and Gastón Mazzacane
, who had also driven for Prost in 2001. Appearing in Malaysia with engineers, two Prost cars and their two drivers they planned to race but were barred by officials. The team even went as far as taking the FIA to the High Court, but the court backed the FIA's ruling that team entries could not be bought or sold.
2002 Formula One season
The 2002 Formula One season was the 53rd FIA Formula One World Championship season. It commenced on March 3, 2002, and ended on October 13 after seventeen races....
and 2003 Formula One season
2003 Formula One season
The 2003 Formula One season was the 54th season of FIA Formula One motor racing. It featured the 2003 FIA Formula One World Championship, which commenced on March 9, 2003 and ended on October 12 after sixteen races...
s. Charles Nickerson was Managing Director of the company.
Takeover from Prost
Phoenix Finance bought some of the remains of Prost Grand PrixProst Grand Prix
Prost Grand Prix was a Formula One racing team managed by former world champion Alain Prost. The team participated in five seasons from 1997 to 2001.-Purchase of Ligier:...
, outbidding Paul Stoddart
Paul Stoddart
Paul Stoddart, born 26 May 1955, is an Australian millionaire airline magnate, and former owner of the Minardi Formula One racing team. He later took the Minardi brand into the Champ Car World Series after his purchase of a portion of CTE-HVM Racing which he renamed Minardi Team USA for 2007.-Early...
of Minardi
Minardi
Minardi was an automobile racing team and constructor founded in 1979 by Giancarlo Minardi. It competed in the Formula One World Championship from 1985 until 2005 with little success, nevertheless acquiring a loyal following of fans...
, shortly before the 2002 Australian Grand Prix
2002 Australian Grand Prix
The 2002 Australian Grand Prix was a Formula One race held on 3 March 2002 at the Melbourne Grand Prix Circuit. It was the first race of the 2002 Formula One season....
. The team hoped to enter Formula One at the next round, the Malaysian Grand Prix
2002 Malaysian Grand Prix
The 2002 Malaysian Grand Prix was a Formula One race held on March 17, 2002 at the Sepang International Circuit and was the second race of the 2002 Formula One season. The Grand Prix is notable for the first lap collision between Williams driver Juan Pablo Montoya and Ferrari's Michael Schumacher,...
. The team planned to use the 2001-spec Prost AP04
Prost AP04
The Prost AP04 was the car with which the Prix team competed in the Formula One season. It was initially driven by the experienced Jean Alesi, who was in his second year with the team, and Gastón Mazzacane, who brought valuable PSN sponsorship from Minardi....
chassis with Hart
Brian Hart Ltd.
Brian Hart Ltd., also known as Hart and Hart Racing Engines was a motor racing engine manufacturer that participated in 157 Formula One Grands Prix, powering a total of 368 entries....
designed Arrows
Arrows
Arrows Grand Prix International was a British Formula One team active from to . For a period of time, it was also known as Footwork.-Origins :...
V10 engines from 1998. Tom Walkinshaw
Tom Walkinshaw
Tom Walkinshaw was a Scottish racing car driver and the founder of the racing team Tom Walkinshaw Racing...
boss of the Arrows team had planned to give the new team assistance.
However their entry to the championship instantly hit problems as to whether Phoenix were Prost under a new name or a new team with some of Prost's old assets. Their entry was rejected by the FIA because the team did not buy Prost Grand Prix completely, thus making them a new team. As they were a new team, they were required to pay a $48 Million fee to the FIA in order to enter F1. As they had not done that, they were refused entry into the sport. F1 supremo Bernie Ecclestone
Bernie Ecclestone
Bernard Charles "Bernie" Ecclestone is an English business magnate, as president and CEO of Formula One Management and Formula One Administration and through his part-ownership of Alpha Prema, the parent company of the Formula One Group of companies. As such, he is generally considered the primary...
claimed of Charles Nickerson at the time that "He has bought nothing in Formula One. All he has bought is some show-off cars". Phoenix also claimed that along with several other assets, they had also bought the Prost entry into Formula One, which in their view, meant that they did not have to pay the $48 Million fee to the FIA. The FIA later rejected this claim and ruled that team entries could not be bought or sold.
Phoenix did appear at Sepang
Sepang International Circuit
The Sepang International Circuit is a racing circuit in Sepang, Selangor, Malaysia. It is located near Kuala Lumpur International Airport, approximately 60 km south of the capital city Kuala Lumpur. It is the venue used for the Formula One Malaysian Grand Prix, A1 Grand Prix as well as the...
for the 2002 Malaysian Grand Prix
2002 Malaysian Grand Prix
The 2002 Malaysian Grand Prix was a Formula One race held on March 17, 2002 at the Sepang International Circuit and was the second race of the 2002 Formula One season. The Grand Prix is notable for the first lap collision between Williams driver Juan Pablo Montoya and Ferrari's Michael Schumacher,...
. They had the former Minardi drivers, Tarso Marques
Tarso Marques
Tarso Anibal Santanna Marques is a racing driver from Brazil. He participated in 24 Formula One Grands Prix, debuting on March 31, 1996...
and Gastón Mazzacane
Gastón Mazzacane
Gastón Hugo Mazzacane is a racing driver from Argentina. He participated in 21 Formula One Grands Prix, debuting on March 12, 2000. He scored no championship points....
, who had also driven for Prost in 2001. Appearing in Malaysia with engineers, two Prost cars and their two drivers they planned to race but were barred by officials. The team even went as far as taking the FIA to the High Court, but the court backed the FIA's ruling that team entries could not be bought or sold.