McLarenFan
11-22-2001, 08:46 PM
On Wednesday Alain Prost informed his staff that the company would be entering receivership on Thursday. After the appointment of the administrator, Judge Michel, Alain Prost was adamant that he intended to keep on fighting and his number one priority is to be able to ensure that the Prost team makes it onto the grid for the entire 2002 season.
"We'll keep fighting," said the Frenchman. "What I'm looking for is to put in place a plan for our ongoing survival. It is out of the question to go bankrupt." The Frenchman has said that he is still in talks with Heinz-Harald Frentzen but needs to give him guarantees, which he hopes to be able to do. There was no clarification as to whether or not Ferrari will be supplying engines next year.
It was confirmed that there are external debts of FF 200m or $30m. However, a press release disclosed that a company controlled by Alain Prost is owed $52m by the team. If this is in addition to the $30m debt then it would mean that Alain Prost is the company's largest creditor.
This will mark the next stage of a very difficult phase in the career of the four time World Champion, Alain Prost. He started his dream of building a Championship winning team in 1997, and got off to a fairly strong start. But the team has struggled for some time. Rumours about the team being for sale started to circulate in 1999.
The team managed to land a supply of Ferrari engines for the 2001 season, but at a substantial financial cost. At the end of 2000 the Diniz family invested taking 40% of the team. The relationship between Pedro Diniz and Alain Prost deteriorated, with Diniz apparently offering $1 for the company.
The most recent report from exclusive formula1.com sources is that Philip de Laey in association with the Quebec government is finalising a bid for the team. It is thought that by going into receivership this apparently may give Prost some influence over which party the team gets sold to.
For more information about the proposed sale to de Laey, please click here
In Thursday's press conference Prost confirmed that he was looking at more than five options for major transactions. The team's major asset is its claim to part of next years TV revenues, thought to be $17m. But it is rumoured that some of this may already have been advanced.
It is thought that Alain Prost will not have a major role in the team post sale - rather he will be involved in driver development. If the de Laey sale goes through the core team will remain in France and the business side will move to Quebec in order to exploit commercial opportunities in Canada and the United States.
"We'll keep fighting," said the Frenchman. "What I'm looking for is to put in place a plan for our ongoing survival. It is out of the question to go bankrupt." The Frenchman has said that he is still in talks with Heinz-Harald Frentzen but needs to give him guarantees, which he hopes to be able to do. There was no clarification as to whether or not Ferrari will be supplying engines next year.
It was confirmed that there are external debts of FF 200m or $30m. However, a press release disclosed that a company controlled by Alain Prost is owed $52m by the team. If this is in addition to the $30m debt then it would mean that Alain Prost is the company's largest creditor.
This will mark the next stage of a very difficult phase in the career of the four time World Champion, Alain Prost. He started his dream of building a Championship winning team in 1997, and got off to a fairly strong start. But the team has struggled for some time. Rumours about the team being for sale started to circulate in 1999.
The team managed to land a supply of Ferrari engines for the 2001 season, but at a substantial financial cost. At the end of 2000 the Diniz family invested taking 40% of the team. The relationship between Pedro Diniz and Alain Prost deteriorated, with Diniz apparently offering $1 for the company.
The most recent report from exclusive formula1.com sources is that Philip de Laey in association with the Quebec government is finalising a bid for the team. It is thought that by going into receivership this apparently may give Prost some influence over which party the team gets sold to.
For more information about the proposed sale to de Laey, please click here
In Thursday's press conference Prost confirmed that he was looking at more than five options for major transactions. The team's major asset is its claim to part of next years TV revenues, thought to be $17m. But it is rumoured that some of this may already have been advanced.
It is thought that Alain Prost will not have a major role in the team post sale - rather he will be involved in driver development. If the de Laey sale goes through the core team will remain in France and the business side will move to Quebec in order to exploit commercial opportunities in Canada and the United States.