The Arrows Grand Prix team have joined up with a Nigerian prince in an attempt to capture world championship glory.

The British-based Formula One outfit, owned by multi-millionaire businessman Tom Walkinshaw, has been restructured into an operation worth £110 million. Prince Malik Ado Ibrahim, a 38-year-old Nigerian who recently brokered the sale of Lotus cars to Malaysian company Proton, and the Morgan Grenfell Private Equity Group have joined Walkinshaw in a new consortium.