Diniz buys into Prost – but won't race

Diniz, whose family owns a successful chain of Brazilian supermarkets, decided to give up a possible race seat at Prost in favour of taking a managerial role in the French squad.

"Obviously, Alain gave me the option of driving for Prost Grand Prix next year," said Diniz. "It was a hard decision to make because I am a driver and I love racing. Since we have made a big investment in Prost Grand Prix, I have to think about long-term plans for my future and commit entirely to the success of the team."

The Prost team had suffered numerous setbacks this year, including failing to score a single point in the championship, then losing major sponsors Gauloises and engine supplier Peugeot. Team boss and four-times World Champion Alain Prost negotiated a deal for Ferrari to supply the team engines next season only recently and is delighted now to have secured the considerable investment from the Diniz dynasty.

"The alliance of Prost Grand Prix with Pedro Diniz is excellent news for the team," he said "It widens our commercial objectives and reflects our strategy, which is to become truly international. In the short terms, these new funds will be aimed at increasing our budget.

"Pedro and his father Abilio share entirely my views and ambitions on the future of Prost Grand Prix."

Diniz, perhaps better known more for the money he brings to a team rather than his natural talent, believes his experience as a driver will benefit him as he takes on his new role.

"I think the six years I have been in this sport will prove very useful in starting this new phase in my career and in contributing to the progress of Prost Grand Prix," he said. "I believe in Alain and this team, and that's where I see my future."