Pollock Blocks Bar Sale

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From Itv-f1

POLLOCK BLOCKS BAR SALE

Last Updated: Thursday, 02, December, 2004, 15:16

Honda’s plans to become an equity partner in BAR appear to have hit a snag in the form of determined resistance from former team principal Craig Pollock.

British American Tobacco, which owns 90 per cent of the shares in BAR’s holding company, originally intended to buy out the remaining 10 per cent from minority shareholders Adrian Reynard, Rick Gorne and Pollock, the co-founders of the team, to allow a 55-45 split between itself and Honda.

Gorne and Reynard are understood to have accepted the offer, but Pollock turned it down. BAT therefore decided to put BAR Holdings into administration to enable it to repurchase the team outright and sell a 45 per cent stake to Honda as planned – cutting Pollock out of the equation.

However, Pollock has now taken legal action to stop the administration proceedings. The hearing was adjourned following a 30-page submission from his lawyers last Thursday evening.

The grounds for Pollock’s case are not known, but he had earlier indicated that he believed BAT acted improperly in not consulting all the BAR board members – of which he is one – before beginning the procedure.

Pollock said: “The judge made it clear that the whole matter was confidential. All I can say is that BAT didn’t look good in court.”

The tobacco giant maintains that its position is legally defensible, however.