Prost Assets Sold; TWR Involved

The failed Prost Formula One team has been sold to a group involving Arrows boss Tom Walkinshaw.

"TWR (Tom Walkinshaw Racing) is going to be supporting the engineering side of it but the principals behind it will announce the whole thing when they're ready," the Scot told Reuters at the Australian Grand Prix on Friday.

Walkinshaw denied strong paddock rumours suggesting that he had bought the assets himself.

"There's other people who've done that but we're supporting them with a whole load of the engineering backup from TWR to get it up and running and do it properly," he said.

Walkinshaw said a Versailles court responsible for winding up the bankrupt French team run by former champion Alain Prost had accepted an offer on Thursday.

"The tribunal accepted the guys' offer yesterday," said the Scot, who would not reveal the names of any of those involved in the purchase.

"When they are ready they will do it. I don't want to be drawn into it. I think they will do the job properly but it is up to them to tell you what's what.

"I think Minardi made an offer as well but they were unsuccessful."

Walkinshaw added that Arrows, a hard-up team which won just one point last year but have Jaguar's Cosworth engine for this season as well as former Prost driver Heinz-Harald Frentzen, remained his main focus.

"Arrows is in good shape for the year, so that's where I'll be focused," said Walkinshaw.

Bankrupt

The Prost team was declared bankrupt on January 28 with estimated debts of around $28 million.

The French team had ended 2001 with no title sponsor, and had no engine deal or drivers in place for 2002. The team's new car was unfinished and it had planned to start the season with last year's model.

Its main asset was the 12th and final slot on the Formula One grid, with Toyota making its debut in the sport this season.

Prost also earned revenue for finishing ninth overall last season, money that Minardi might have claimed instead.

International Automobile Federation (FIA) president Max Mosley had said last month that several car manufacturers were interested in replacing the team but a stand-in replacement was unlikely to be found this season.

However, he said an interested party could yet take the place of the French team because Prost had already paid for a slot in the 2002 Championship.

The exact situation was unclear on Thursday, with some Formula One insiders suggesting that the new owners of Prost might be able to retain their entry by paying a fine for non-appearance in Melbourne.

Mosley said in January that someone could buy the assets and compete in Prost's place, providing it happened before the season-opening race in Australia.

Otherwise, the slot becomes vacant and under Formula One rules, any new applicant to compete in the Championship must deposit $48 million with the FIA.