Late in March, Reynard Motorsport announced that the company has been placed into receivership, the British equivalent of American Chapter 11 bankruptcy protection.
According to company founder Adrian Reynard, “It has been a combination of factors which has led to our situation today. Our aborted float on the U.S. Stock Exchange…and the subsequent changes in the U.S. auto racing market are just some of the influences on the downturn in fortunes of the company.” Experts also point out that, like Lola, Reynard was financially devastated by their attempt to enter F1 as a partner with the ill-fated BAR team.
Founded in 1973, Reynards have won more than 150 championships including FF, F3, F3000 and CART.
