Prost Gloomy over Survival Prospects

Alain Prost is holding out little hope for the survival chances of his Formula One team, which slid into receivership last month.

The four times World Champion said on Tuesday that the team faced liquidation if a partner was not secured within the next month.

"If, by January 14, I have found no partners, it will very likely mean the liquidation of Prost Grand Prix," the Frenchman said in an interview to be published on Wednesday in French financial daily newspaper Les Echos.

Prost, who employ staff of around 300, went into receivership in November, saddled with debts of 200 million French francs ($28 million). The receivership protects the team from bankruptcy for six months but there is a January 15 deadline for firms to register their interest, Les Echos said.

Prost has said the team must find a sponsor to help them shrug off their debts and earlier this month expressed optimism over their Formula One future. But he has since taken a gloomier stance.

"Two or three projects seemed very serious. We pressed forward with one and thought we would sign a deal. But in the end we realised that the partner would not bring financial security for the firm," he told Les Echos.

The newspaper said the thwarted deal was with an investment fund. Recent media speculation over rescue offers has focused on a Saudi prince and a Canadian group called Vector Motor Sport.

Prost expressed his frustration at the lack of help from his home nation as he confirmed no French companies have come forward with a proposal.

"I cannot believe a French challenge will stop," he said. "I'm very surprised that we have had no contact from French companies. It's unbelievable. I cannot let the team die and if I have to retire for the good of the team I will."

Prost spoke with around 250 of his employees on Tuesday night and gave them assurances that everything is being done to try and save the team and get them on the grid for the first Grand Prix in Australia on March 3.

He also revealed that the team, who are yet to secure two drivers and an engine deal for next season, have been testing their new AP05 chassis in a wind tunnel and have received encouraging results.

Prost struggled through the 2001 season without a major sponsor and have so far failed to attract one for 2002 because of the uncertainty over the team's survival.