Saudi Prince Leads Race to Save Prost

Prost Grand Prix on Thursday revealed they have received "several" rescue offers for the team, with Saudi Prince Al Waleed believed to be the leading contender to take over the ailing French company.

Alain Prost's team is 21 million pounds in debt and administrators are currently working in co-operation with the Guyancourt-based outfit to get them on the grid in 2002.

A Prost spokeswoman confirmed on Thursday that the team have received "several" proposals to buy a major stake needed to ease them out of receivership with Prince Al Waleed -- reportedly worth 9.8 billion -- the man in pole position.

"It is true that Thursday was the deadline to receive offers and proposals," Prost spokeswoman Virginie Papin said. "We have several serious proposals.

"It is now in the hands of Alain Prost and the administrators, but they do not have a deadline to decide on the proposals.

"The only real legal deadline that we have is the six-month deadline (which ends in May 2002) imposed by the administrators, and we will find a solution between now and then."

Belgian beer giants Interbrew are believed to have also submitted a bid to buy out Prost, who were one of 12 teams named on the official entry list for the 2002 season by the FIA despite their financial plight.

Papin added: "Of course, the sooner it is solved the better because you have to move quickly in Formula One and we should be on the grid in Australia."

Al-Waleed controls worldwide banking and leisure corporations and is also head of the Saudi Kingdom Agricultural Development Company.