Formula 1

Prost Grand Prix declared bankrupt

After months of nail-biting waiting, Prost Grand Prix have finally been declared bankrupt by the court of Versailles. Alain Prost's Formula One team failed to secure the financial support to keep them going: "The court pronounces the liquidation." ...

Edited: Apr 15, 2002, 11:45 PM

Copy link

Share on Viber

Add as a preferred source

After months of nail-biting waiting, Prost Grand Prix have finally been declared bankrupt by the court of Versailles. Alain Prost's Formula One team failed to secure the financial support to keep them going:
"The court pronounces the liquidation." The president of Versailles commercial court informed Prost and his lawyers.

Launched in 1997 after Alain Prost bought Ligier, Prost have had a less than successful F1 career, winning no races and losing their engine supplier Peugeot in 2000 after failing to score points. With Ferrari engines last year the team managed four points to come 9th in the Constructors' championship but it was not enough to secure their future.

Prost was placed into receivership on November 22nd 2001due to estimated debts of $27million. ( E30.5million ) The original decision on the fate of the team had been expected on January 15th but talks between the court appointed receiver and the judicial authorities failed to reach a decision. Despite a late bid of approximately $40million ( E44.5million ) by a group of investors there were not enough guarantees for the team to stay solvent.

The outcome leaves approximately 200 Prost employees out of work and probably clears the way for Heinz Harald Frentzen, who drove for the team last season, to join Arrows.

We want your opinion!

What would you like to see on Motorsport.com?

Take our 5 minute survey.

- The Motorsport.com Team

Read and post comments

Share Or Save This Story

Copy link

Share on Viber

Previous article Ron Tauranac awarded Order of Australia

Next article Webber confirmed for Minardi

Top Comments

There are no comments at the moment. Would you like to write one?

View More & Comment

Latest news

Jamie Little will not return to NASCAR broadcast booth in 2027

NASCAR Cup

NAS NASCAR Cup 1 h

Jamie Little will not return to NASCAR broadcast booth in 2027

Logano, Sargeant, and Muniz among Ford drivers taking part in Daytona exhibition race

General

Misc General 1 h

Logano, Sargeant, and Muniz among Ford drivers taking part in Daytona exhibition race

IndyCar 2026 season review: AJ Foyt Racing

IndyCar

Indy IndyCar 3 h

IndyCar 2026 season review: AJ Foyt Racing

Ryan Blaney to skip events after suffering fall 'requiring medical attention'

NASCAR Cup

NAS NASCAR Cup

Homestead-Miami

3 h

Ryan Blaney to skip events after suffering fall 'requiring medical attention'

Feature

Discover prime content

Why Rafael Camara should take heart from a tough F1 debut in Brazil

Formula 1

Sao Paulo GP

By Jake Boxall-Legge

Why Rafael Camara should take heart from a tough F1 debut in Brazil

How Formula 1 proved the naysayers wrong – for once

Formula 1

Sao Paulo GP

By Stuart Codling

How Formula 1 proved the naysayers wrong – for once

How Lando Norris prevailed in a swift errors tour of Interlagos

Formula 1

Sao Paulo GP

By Stuart Codling

How Lando Norris prevailed in a swift errors tour of Interlagos

"He really wanted it" – why Russell was furious over aborted Brazil ‘pole’ lap

Formula 1

Sao Paulo GP

By Stuart Codling

"He really wanted it" – why Russell was furious over aborted Brazil ‘pole’ lap

Subscribe and access Motorsport.com with your ad-blocker.

From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.

You have 2 options:

Become a subscriber.
Disable your adblocker.

Subscribe now Already subscribed? Sign in here

Already disabled your adblocker?
Reload page

Manage Alerts