was announced the Prost team was in receivership, the team
released this statement:
Guyancourt, 22 November, 2001 - Under the authority of the Versailles Trade Court, Prost Grand Prix, the French Formula 1 team, is going to fight to be at the start of the 2002 World Championship.
Prost Grand Prix : The French Project
In 1997, Alain Prost, four-time F1 world champion, accepted the challenge to build a French team by creating his own company : Prost Grand Prix. It was a huge
endeavor, but the staff's motivation as well as the partners' commitment to success was limitless. Over four years, "les Bleus" as they are commonly called in France, built for themselves a place in the closed circle of F1 teams and gathered all technical, human and financial means necessary to a promising start.
As one of the young teams competing in this high-level environment of international media magnitude, Prost Grand Prix was confronted with the natural consequences of its learning curve. But despite the difficulties they had to deal with, particularly during the 2000 season, the French team never ceased to build and consolidate : today it has reached maturity.
This season, strengthened by a first-class collaboration from motorist Ferrari and a three-year experience, Prost Grand Prix raced for points : despite a fragile financial context, the team was able to fight through the end of the Championship finishing in 9th place. This result not only proves, if need be, the team's legitimacy, but also confirms their reliability.
More than ever determined to hold their place in the F1 World Championship to start on March 3rd in Melbourne (Australia), Alain Prost and his 250 team mates have already focused all their energy on conceiving and building the APO5, the car that will defend the colours of the team in 2002.
Prost Grand prix : the need to refinance (*)
During its first three years of activity, Prost Grand Prix, showed positive results the first two, and was close to breakeven in the third year.
The unfavorable general economic context of 2001, added to the relatively poor results of the team during the 2000 season, had a severe impact on the company's budget balance. Nevertheless, the significant improvement of the team's sports results in 2001, plus the support of several partners and sponsors, as well as Ferrari's trust, allow Prost Grand Prix to already count on a significant part of its 2002 operating budget.
The initiation of the "ProcÚdure Judiciaire" (a French judiciary process led by Trade Courts aiming at straightening up companies in financial difficulties), should give potential investors and sponsors the legal and financial security that will guarantee the company's future.
(*)About Prost Grand Prix
Prost Grand Prix is a company owned directly or indirectly by Alain Prost (51.3%), the Diniz Family (40%), LV Capital (5.8%), and Yahoo (2.9%). Prost Development, the Financial Holding, controlled by Alain Prost (85%), is also holder of a shareholders current account of US$ 52 million in Prost Grand Prix's balance sheet.
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