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Prost team files for bankruptcy Squad with $26.6 million in debt still plans to race in 2002Posted: Thursday November 22, 2001 3:40 PMUpdated: Thursday November 22, 2001 9:09 PM
GUYANCOURT, France (AP) -- The Formula One team of Alain Prost filed for bankruptcy Thursday but still intends to race in 2002. Prost, who dominated Formula One as a driver for much of the 1980s and early 1990s, attributed the move to poor results and a bad economic climate. The team has not won a race since it was formed five seasons ago. "We will fight to continue with our enterprise," Prost said at his team's headquarters outside Paris. Prost, a former world champion, said he is willing to quit if that will save the team. He asked that the company, which has debts of $26.6 million, be put into receivership. Prost said the financial trouble stems from the withdrawal of several big sponsors at the end of the 2000 season, including engine-supplier Peugeot. The team employs about 240 people and hopes to attract new investors or a buyer. If it doesn't, it could face liquidation. "The ideal solution would be to find one big sponsor," Prost said. He said up to 13 potential sponsors were interested, adding that some of them came forward only after the company filed for bankruptcy. Last summer, French driver Jean Alesi quit the team after two seasons to join Jordan-Honda and was replaced by Germany's Heinz-Harald Frentzen. Prost's other driver, Luciano Burti of Brazil, joined Ferrari as a test driver this month. Czech driver Tomas Enge is also with Prost. Prost Grand Prix enjoyed its best results with second-place finishes in the 1997 Spanish GP and the 1999 European GP. It finished sixth in the constructors' standings in its initial season in 1997 but never placed as high again. It was ninth at the end of the 2001 season. Prost was a world champion four times. He won 51 Formula One races during his career from 1980-93 -- a record until Michael Schumacher won his 52nd race in September.
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