Decision day for Prost Grand Prix

Beleaguered Formula 1 team boss Alain Prost faces an agonising wait to see if the rescue package to save his Grand Prix team is acceptable to his legal administrators

Jan 15, 2002, 11:56 AM

Prost set today's (Tuesday) self-imposed deadline to raise the funds to keep his team going, and is understood to have a 28 million pound deal in place. It now up to his court-appointed receiver, Franck Michel, to decide whether this is enough for the team to keep its doors open.

His decision might not be known for some time, however.

"The timing is not really precise and we are probably not going to hear anything until the end of the week," said a Prost spokeswoman. "They have not said yet how long it might take."

Reports from the French media suggest that Prost has found a new backer for the team, which will put in enough funding for them to at least start this year's Formula 1 World Championship, but that more backing may be required as the season progresses.