Thursday November 22nd, 2001
French Formula One team Prost Grand Prix were placed into receivership by a court in Versailles on Thursday, a court spokeswoman said.
The French constructor will be monitored by the court for a period of six months. Judge Franck Michel has been named the team's administrator, the spokeswoman added.
The team were due to make a statement later and a news conference was being held at 1530 GMT.
Alain Prost, a four-times World Drivers' Champion, told sports daily l'Equipe: "I had a meeting with my staff on Wednesday to explain the situation and the possibilities. I have another meeting on Thursday but I cannot say anything."
Prost has had difficulty finding sponsors in time to pay Ferrari, who provide the French team with engines.
Published at 10:09:34 GMT