Pescarolo could continue after team goes into liquidation

The company, known as Pescarolo Team in its final incarnation, was liquidated by a French court after a six-month period during which it was protected under law from its creditors in a procedure akin to Chapter 11 in the US.

A survival plan for the squad, which withdrew from the World Endurance Championship after a disastrous Le Mans 24 Hours, had to be presented to a commercial court in Le Mans at the end of that period.

Pescarolo, whose team was the most successful privateer at Le Mans for much of the 2000s as Pescarolo Sport, said: "It is not the right time to find new sponsors or investors. I had no real solution to present to the court.

"This means that Pescarolo Team doesn't exist any more as a company, but if I want to, I can continue. I still own the workshops and all the mechanics [who were paid by the government during the protection period] are available."

Pescarolo explained that his team could work with another entrant at this year's Le Mans 24 Hours.

"I am talking to people involved in two projects for Le Mans who are looking for someone to run their car," he said. "It would not be under my name, but I would be involved and they would use my mechanics and workshop."

Pescarolo is open to restarting a team using his own name for 2014, but he said that it would depend on the economic situation and whether he believes the new LMP1 rulebook offered privateers a chance to compete with the factories.

The 70-year-old added that he would spend some time contemplating his future over the coming weeks.

"It all happened yesterday, so I haven't made any decisions," he said. "I have to decide if I want to continue in racing or go fishing instead."

Pescarolo estimated the company's debt at "less than €200,000". He blamed the breakdown of his deal with the Luxury Racing Ferrari team to become a partner in his new LMP1 project for Pescarolo's financial problems.

PESCAROLO'S LE MANS HIGHS

2000: Fourth on debut with Peugeot-powered Courage

2004: Repeats fourth place with reworked version of Courage C60

2005: Takes pole and finishes second, misses victory courtesy of gearbox glitch

2006: Second again behind Audi with same car

2007: Notches up third straight Le Mans podium with first true Pescarolo chassis

2008: Top privateer in seventh place behind dominant turbodiesels