Prost files for bankruptcy - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
Ford Forum Ford Forum

» Auto Insurance
» Featured Product
ยป Wheel & Tire Center

Go Back   Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Racing Across the Globe
Register Home Forum Active Topics Photo Gallery Auto Loans Garage Mark Forums Read Auto EscrowInsurance

FordForums.com is the premier Ford Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
Old 11-22-2001, 06:04   #1 (permalink)
Hawthorn Supporter
 
FPRXR-6's Avatar
 
Join Date: Apr 2001
Location: Melbourne
Age: 33
Posts: 1,808
Prost files for bankruptcy

Prost GP was formally put into receivership in a Versailles Court on Thursday morning. Judge Michel has been appointed as administrator of the company for the next six months.
The French LCI TV station reported that Prost "had informed his 300 staff that it was going to file for bankruptcy for his company on Thursday." The broadcaster stated that Prost is thought to be in debt to the tune of Euro 30m. Alain Prost was reported in L'Equipe as saying "I had a meeting with my staff on Wednesday to outline the situation and the possibilities. There is another meeting on Thursday but I cannot say anything." Hence the team declined to comment further but confirmed that there will be a press conference this afternoon.

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. In the same year the Diniz family invested, but apparently in a group company, not in the team itself. The relationship between Pedro Diniz and Alain Prost deteriorated, with Diniz apparently offering $1 for the company.

The most recent report from formula1.com exclusive sources is that Philip de Laey in association with the Quebec government is finalising a bid for the team. It is thought that by declaring bankruptcy voluntarily this apparently may give Prost some influence over which party the team gets sold to.

The team's major asset is its claim to part of next year's 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 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.
__________________
Blood Orange XR6 Turbo - Auto, Premium sound, Lowered, FPV GT Wheels, Tint, Alarm
FPRXR-6 is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Racing Across the Globe



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Attach Picture files fudge1979 The Pub 5 10-07-2003 23:52
Computer Gurus - converting wma audio files? Spinksy The Pub 16 05-04-2003 22:07
Need mp3 files... FM The Pub 2 05-25-2002 21:37
Wav Files laminge The Pub 17 06-27-2001 06:47

Powered by vBadvanced CMPS v3.2.2

All times are GMT -7. The time now is 06:16.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.