The Prost Formula One team were today put into liquidation by a French court after it rejected a rescue package to save the troubled company. The team owned by four-time world champion Alain Prost is said to be over €30m in debt and went into receivership on November 22. The team finished ninth in last year's constructors' championship with just four points.
The collapse of the French team makes them the first major casualty in Formula One since the demise of Lotus in 1995. It was seven years ago this month that the British team, which won seven constructors' crowns, were forced to pull out of the sport.
Today's decision ends Prost's hopes of taking part in the forthcoming season, which starts in Melbourne in March. Number one driver Heinz-Harald Frentzen will now be seeking a new team before the Australian Grand Prix, with Arrows believed to be leading the chase for his services.
Filed by Amanda Fennelly
