LONDON -- Arrows has vowed to be at Sunday's French Grand Prix despite financial troubles that threaten its future.

"We have new investors waiting to step in and secure our future, but we still have to come to agreement with existing shareholders", said team boss Tom Walkinshaw as talks continued to try and secure the team's survival.

A team statement issued Tuesday evening said Arrows' fate "still hangs in the balance."

"Negotiations are detailed and complex but we don't intend to give up," Walkinshaw said. "We need more time. We want to do a deal that will satisfy everyone concerned.

"We are still in discussions with all parties and are now moving into the time-consuming due diligence process with some of the potential investors.

"I have instructed the team to despatch the cars and transporters to Magny Cours this evening and we will do all in our power to compete at the weekend."

While other British-based teams shipped out their equipment to the central French circuit Monday, Arrows' cars and trucks were still at their Leafield factory in southern England on Tuesday.

The deadline for official inspection at Magny-Cours in central France is Thursday afternoon.

Arrows was granted an extension of inspection to Friday morning at the last British Grand Prix after it turned up at Silverstone without any cars on the Thursday.

If Arrows fails to race Sunday, its right to compete in the championship could be in jeopardy.

The team came close to collapse at Silverstone and drivers Enrique Bernoldi of Brazil and Germany's Heinz-Harald Frentzen only competed after Walkinshaw dipped into his own pocket to pay engine suppliers Cosworth.

A new deal was hammered out at Silverstone, under which Arrows agreed to pay Ford-owned Cosworth on a race-by-race basis with each installment due at noon on the Wednesday before a grand prix.

Formula One sources have put the amount owed to Cosworth to compete in France at about $1.5 million.

Other sources close to Cosworth said Tuesday evening that they were not aware any money had been paid.

Arrows effectively has to find $3 million in six days since the German Grand Prix at Hockenheim on July 28 follows on immediately from France to allow a two-week August break.

Walkinshaw, who was in meetings all day Monday, wants to sell the team to Red Bull tycoon Dieter Mateschitz, but investors Morgan Grenfell have secured a High Court injunction to prevent that.

He said at Silverstone he wanted to resolve the situation before Magny-Cours.

"We'll keep on trying and hope that common sense and responsibility prevail," Walkinshaw said Tuesday.

Formula One has already lost one team this year with Prost folding before the season started. Minardi said it was in danger until it received television money that would have gone to the French team.