Racing chief Tom Walkinshaw has sold the 30-acre Leafield home of two of his former companies -- TWR Engineering and Arrows Formula One Racing Team.

TWR Engineering, which has another site in Worthing, Sussex, was sold as a going concern by administrators PricewaterhouseCoopers in a multi-million pound deal.

Arrows remains in receivership. An auction of its assets -- scheduled for the end of March -- has been indefinitiely postponed.

The company's head of new business Paul Burton said the site, which was shared by both Arrows and TWR, had been sold by a third company associated with Mr Walkinshaw, who would be entitled to the profits instead of creditors.

Menard Engineering, owned by American billionaire John Menard, bought the site and TWR Engineering.

Last month Mr Menard announced that another of his companies, Menard-Cheever, had bought the TWR racing division based in Kidlington.

Arrows went into receivership with the loss of 250 jobs. At TWR Enginering, only half of the 300 staff still have jobs.

About 70 of those work at Leafield.

TWR Engineering has worked for top names in the motor industry.

Mr Menard said: "The acquisition of the design and engineering group of TWR adds a significant building block to our UK based engineering business, following our recent purchase of TWR's Kidlington-based racing division.

"The skills and experience of the TWR staff at the Leafield and Worthing facilities are impressive. We look forward to the continued growth."

TWR managing director Craig Wilson said: "I am delighted that Menard Engineering Limited has acquired the TWR business and kept intact an excellent team."

But a former employee of Arrows, who is owed back wages, said: "I think the law in this country should be changed.

"If the site were part of Arrows' assets there would be far more money available for creditors."