Prost Expect to Hear Fate on Monday

Prost's Formula One fate is expected to be decided by a court on Monday and bankruptcy remains a danger, the French team said in a statement on Wednesday.

Prost have been in receivership since November with debts of some $28 million. The team said they had received several rescue offers from foreign investors since a court-imposed deadline expired on January 15 but were still waiting for further information and financial guarantees.

"These proposals are similar in their characteristics implying a direct or indirect shareholding participation in the Prost Grand Prix capital and immediate funding allowing the team to honour all of its commitments," the statement said.

"Alain Prost, the administrator and the court are waiting for complementary pieces of information and guarantees...to ensure the company's longevity. Due to the existing timing constraints, the (Versailles court) will examine the above proposals on January 24 and should render its ruling on Monday, January 28.

"Should the guarantees mentioned be judged insufficient, the court, in agreement with Alain Prost and the judge, would declare the liquidation of the company."

The statement added however that if the guarantees were accepted, a new shareholder would be cleared to take a stake in the team. Recent media reports have focused on a group of Italian businessmen, introduced to Prost by former Ferrari and Ligier team boss Cesare Fiorio, buying into the team.

Prost used Ferrari's 2000 specification engines last season and finished ninth overall after using a total of five drivers during the course of the year. They have yet to confirm any drivers or a title sponsor for 2002 but have resumed working on the new car in a bid to be ready for the season's start in Australia on March 3.