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." 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.