Prost grabs PSN cash; Mazzacane set to follow

The deal helps secure Alain Prost's team the funding required to pay for its supply of customer Ferrari engines next season, but also deals another blow to the struggling Minardi team. The latter outfit had until recently been in line for the PSN backing but now faces an increasingly uncertain future.

PSN broadcasts throughout Latin America and enjoys exclusive Formula One broadcasting rights in many countries.

"We are absolutely delighted to be partnering with Alain Prost and his team and are looking forward to a long and mutually beneficial relationship," said Jacques Kremer, President and CEO of PSN.

The deal has been rumoured since PSN broke off negotiations to buy Gabriele Rumi's majority shareholding in the Minardi team in October. Argentine Minardi driver Gaston Mazzacane has links with PSN and is now thought likely to move to the Prost team alongside confirmed driver Jean Alesi. An announcement regarding the second driver is expected in early January.

Having lost long-time primary sponsor Gauloises at the end of 2000, and having to pay for a supply of customer Ferrari V10s now that former works engine supplier Peugeot has quit F1, the PSN funding will be a vital boost to the Prost team after a dismal season with a slow and unreliable car. The team failed to finish in the top six all year.

"I have been in close contact with Jacques Kremer for several months," said Alain Prost. "It was soon clear to us that an alliance between PSN and Prost Grand Prix is a good match, with a huge potential."