Prost Grand Prix team ordered into liquidation
A Paris court today ordered the Formula One team of Alain Prost to be put into liquidation after it failed to find a sponsor or buyer for the debt-riddled team.
Prost, the four times world champion driver, filed for bankruptcy in November, attributing the move to poor results and a bad economic climate. The Prost Grand Prix team has not won a race since it was formed five seasons ago.
Prost has in the past cited the withdrawal of several sponsors, including engine-supplier Peugeot, as also being behind the company’s financial troubles. He has also said the economic slow down had made finding new sponsors difficult.
The team employs some 240 people and is facing debts of almost €33m.
