LONDON -- Arrows team principal Tom Walkinshaw believes his team should not be punished for pulling out of this weekend's Hungarian Grand Prix.

Arrows is currently in negotiations over a potential buy-out and, acting on the advice of his lawyers, Walkinshaw has decided his team should sit out the 13th round of the season.

"It's force majeure and I cannot see why we would be penalised because we are acting under advice from lawyers," Walkinshaw was quoted as saying in British magazine Autosport. "The lawyers have said that we have to focus instead on getting a deal done with investors.

"There are three different offers on the table from three different continents and we have been running around all over the place.

"I had hoped to have this matter finalised before Hungary, but the best thing now is to sit down and get it sorted."

After the team's transporters were called back to the factory Monday night, the team faces punishments ranging from a fine to a total ban from the series from Formula One's governing body the FIA.

The FIA has not received an official explanation from Arrows over their non-participation.

Arrows would lose its right to compete in the series if it misses a Grand Prix through insolvency, but can retain its place on the grid if its "force majeure" reasoning is accepted.

Former British American Racing team principal Craig Pollock is thought to be involved in the consortium which is negotiating to buy the team.