Decision day nears for Prost F1 team

Prost are unlikely to hear their fate before the end of the week, a spokeswoman for the debt-saddled Formula One team said on Monday.

The French team, run by four-times champion Alain Prost with around 300 employees, are in receivership after amassing debts of around $28 million with the 2002 season due to start in Australia on March 3.

Tuesday is the deadline day for would-be rescuers to deposit takeover offers with judge Franck Michel, the court-appointed receiver named in November, but the team made clear that the outcome would not be immediate.

"We are really in the hands of the court at the moment...it should take a few more days to get a decision," said Virginie Papin.

"The timing is not really precise and we are probably not going to hear anything until the end of the week. They have not said yet how long it might take."

Prost reportedly remains cautious amid reports of a serious offer on the table.

"The official receiver has had recently a proposal from a group which would put 46 million euros ($41.07 million) into the firm to take care of immediate commitments and allow us to start the championship while waiting for new partners," Italy's Gazzetta dello Sport quoted him as saying on Monday.

"The proposal is being studied but the official receiver has the power to decide for or against. I remain hopeful...but I am also prepared for the worst."

French media reports last week also suggested that Prost had clinched a rescue deal.

STODDART SYMPATHY

The team have re-started work on their new AP04 car, which will have the same 2000 version Ferrari engine that was used last season.

Prost's plight has affected other teams, with Arrows and Minardi waiting to hear whether German driver Heinz-Harald Frentzen stays or leaves the team he joined for the last five races of 2001.

Frentzen has talked to Arrows for some time, while denying that he has already signed a contract. If he stays at Prost, Dutch driver Jos Verstappen will remain at Arrows and Minardi will probably sign Australian Mark Webber.

Minardi boss Paul Stoddart, who rescued his team last January when they were in similarly dire economic straits, expressed sympathy with Prost, but also warned potential investors about what might lie ahead.

"I know what Prost is going through and more than anyone I know what any potential investor will go through," said Stoddart.

"All I can say is that if they haven't got $100 million in their pocket, don't bother. If they think they're going to do it on less than that, think again."

Stoddart said he expected the team would make it to Melbourne for the season-opener on March 3, but possibly not with Prost himself calling the shots.

"Obviously if they're not there, then that is sad for Formula One as a business and a sport," added the Australian-born businessman. "But these are hard times.

"Unless there is a fairer redistribution of wealth in Formula One, Prost probably won't be the last one that goes down. Formula One eats money and you need wicked amounts of it to keep going.

"There are the haves and have-nots in Formula One and the haves are getting richer while it's getting harder for the have-nots. And September 11 did not help."

Prost had been talking to billionaire Saudi Prince Alwaleed bin Talal but the Frenchman said last month that the September 11 terrorist attacks on the United States had wrecked a deal.