SILVERSTONE, England -- Arrows racing team was on the verge Thursday of missing Sunday's British Grand Prix because of financial problems and a company lawyer said the team was "doomed short of a miracle.''

The team, which did not have any of its cars at the Silverstone track on Thursday, was given until a one-day extension to have its vehicles undergo the official inspection for Sunday's race.

If the team misses the race because of insolvency, it will lose its right to compete in F1.

Arrows was tied up Thursday in a court case in London over the possible sale of the team. The former owners -- investment bankers Morgan Grenfell -- are trying to block the sale for fear of losing money owed them.

The case is the second this season of an F1 team fighting financial problems. The Prost F1 team folded before the season began and the Minardi team is also reported to be deep in debt.

Arrows lawyer Robin Potts, asked by a High Court judge hearing the case in London, if Arrows was "finished,'' replied: "Short of a miracle. At the present time the prognosis is that the company is doomed.''

He said the company faced liquidation and was unable to pay for Ford Cosworth engines reported in court to be worth about $5 million.

"We do not have our cars at Silverstone,'' a team spokesman said. "They won't be here until the outstanding issues with Morgan Grenfell have been sorted out.''