Troubled Formula One outfit Prost Grand Prix should know their immediate fate in the next 48 hours. The team, owned by four-time world champion Alain Prost, are thought to be over £20million in debt and could be declared bankrupt before the new season. A meeting in Versailles will determine their future, with the team hoping an Italian investor will fulfil their terms of a rescue package.
Prost GP went into receivership on November 22 and a Versailles tribunal is examining details of the Italian bid. There had been a decision expected today, but Prost head of communication Virginie Papin revealed: "It is not 100% sure that we will get a definite answer today. There is a meeting this afternoon after the industrial tribunal of Versailles study the case, but we might not be yet at the end of the whole procedure. We will maybe have some indications about whether the team will survive or not, but no definite decision. I do not think we will get anything certain until at least tomorrow."
Details of the Italian bid have not been made public, and it is not known who is behind the approach. Previously, Renault boss Flavio Briatore had been linked with a buy-out.
Filed by Shane Murray
