Prost in race to make Melbourne grid

Prost Grand Prix went into receivership yesterday and has been given six months to raise enough funds to avoid being sent into liquidation. The team has amassed debts of £19.1 million.

Four-times world champion Prost held a press conference today at the team's Paris base to explain the situation. "We are still trying to find sponsors which I hope will come soon to save the future of the team," he said. "I still want to try and achieve the objective of making a competitive French F1 team.

"With the help of the administrators, we have to put into place a budget for 2002. We hope to continue with our existing sponsors and are in discussions with lots of other [potential] sponsors which I hope will enable us to compete next year."

Prost has not ruled out stepping down as the boss of the team. "The ideal situation for me is to stay at the top, but the most important thing for Prost Grand Prix is to keep going," he said.

The team is still hoping to keep hold of German driver Heinz-Harald Frentzen. "Heinz-Harald has been very patient," he said. "He has waited and waited. He has confidence in the team and we hope he will be able to continue with us."