GENEVA -- Craig Pollock has put a second offer to buy into the cash-strapped Arrows team on the table, the former British American Racing team principal said.

Pollock said in an interview with Swiss newspaper Le Matin that he had made a second proposal to Arrows team chief Tom Walkinshaw last week and added there was an 80 percent chance of a deal being completed.

"I made an offer on Thursday evening," Pollock told Le Matin during a golfing weekend in Switzerland. "I would say there is an 80 percent chance of the deal happening now and we are waiting for an answer.

"We had discussions four months ago but I withdrew an offer because the figures given by Arrows were not right."

The Scotsman is one of three investors in talks with debt-ridden Arrows, who need new funding to keep the team on the grid this season.

One of the other two is thought to be Dietrich Mateschitz, head of the energy drink Red Bull who sponsor Arrows.

Pollock admitted he had backing from two California-based businessmen and was attempting to buy a stake of between 20-40 percent in Arrows.

"They come from California, from the Silicon Valley, they have a company of capital venture and they are two people who made an immense fortune in optical fibers," he said of his backers.

"I'm not in a hurry," he added. "The longer it takes, the less expensive it will be.

"The purchase of Arrows is not something that I want so much that I will lose sleep over it. If it doesn't happen, then at least I'll know I tried."

Road block
Walkinshaw has been prevented from bringing new investors into the team because of an injunction from major shareholders Morgan Grenfell Private Equity.

Walkinshaw has been in talks with Morgan Grenfell since the British Grand Prix in July to have the injunction lifted.

A lack of funds prevented the team from paying for their supply of Cosworth engines and they sat out the opening practice session at Silverstone before Walkinshaw used his own private funds to pay the outstanding money.

They then met Cosworth's demands before the French Grand Prix but deliberately failed to qualify in order to ensure ongoing talks with investors were not damaged in any way.

Arrows took part in the German Grand Prix three weeks ago, but since then German driver Heinz-Harald Frentzen has left the team.

An Arrows spokesperson confirmed that the team has dispatched their fleet of trucks to travel to the Hungarian Grand Prix, which takes place in Budapest this weekend.

But no second driver had been decided upon yet to partner Brazilian Enrique Bernoldi.

Pollock warned that if his bid was accepted it would take time to stabilize the future of Arrows, but said the team had the basic ingredients needed to make progress.

"Arrows is a good team, but they still need good sponsors and stability," he said. "This year their car is among the best, but they do not have the best engine and perhaps not the best drivers."