Prost team optimistic for future

The Paris-based outfit was put into receivership by French courts late last year and must prove that it has sufficient funds and backing to compete this year by the beginning of next week. However, recent indications show that the team will be able to take the grid in Melbourne.

"It is now more a question of who which will be the right proposal and who will be accepted by the team and the courts," a team spokesperson told British newspaper The Daily Telegraph. "We have just eight days left and all the proposals are now becoming more and more precise."

There are thought to be between six and 10 proposals in the frame and the final choice could be in the form of either a full take over or sponsorship. Team boss Alain Prost is expected to stay at the helm whatever the outcome.

"I had a telephone conversation with Alain Prost and he told me that a shimmer of hope was appearing regarding the future of his Formula 1 team," said Marie-George Buffet, French minister for youth and sport. "I am reasonably optimistic, but it is convenient to remain prudent in these type of matters."