Friday March 1st, 2002

By Alan Baldwin

Formula One could have 12 teams by April, following the sale of the failed Prost Grand Prix concern to mystery buyers backed by Arrows boss Tom Walkinshaw.

Walkinshaw told Reuters on Friday the bankrupt French team's assets had been bought for an undisclosed sum and that his TWR (Tom Walkinshaw Racing) group would be providing engineering expertise to the new owners.

The Scot denied, however, that he had bought Prost and declined to identify the purchasers but suggested they could have cars competing in the World Championship within a matter of weeks.

"As quickly as possible to make it happen," Walkinshaw said, when asked about a time frame. "Definitely by Brazil, maybe by Malaysia. I don't know."

The news provoked an angry reaction from Minardi boss Paul Stoddart, who claimed Walkinshaw was behind the purchase and threatened legal action to prevent the new owners from competing in the Championship this season. Stoddart said he had also tried to buy Prost to ensure their closure after their declared bankruptcy in January.

But he said he had withdrawn his own bid on Thursday after legal advice that a deadline for any new purchaser to be able to compete in the 2002 Championship had expired.

"The rights to Prost Grand Prix as a team turning up to participate at any event in the World Championship in 2002 ceased yesterday before Tom got hold of the company," the Australian told Reuters. "There is going to be obviously enormous court action following this if he tries to turn up in Malaysia (the next race) with the team.

"If they do (appear in Formula One), it will only be after I've lost court action and injunctions against them."

Stay Dead

"Prost (the team) died and should have remained dead," said the Australian. "I did not want Prost. My attempted bid was purely as a spoiler. I was interested in making sure that Tom Walkinshaw or any other company that he wants to call himself didn't take it over because I think it's absolutely wrong for Formula One."

Walkinshaw countered by saying that "Mr Stoddart is pissed off because he didn't bid enough money to buy it. It's as simple as that".

Prost's demise would have given Stoddart, whose team finished last overall in 2001, a slice of revenue for starting 2002 as the 10th-ranked team since newcomers Toyota are classified below them. But he said that was not the reason for his interest in ensuring Prost stayed defunct.

"Yes, I stand to lose money if this travesty of justice is allowed to continue but that's not the main motive," he said. "The main motive is that, if this happens and this team changes hands for 2.5 million euros, then that has just taken a collective 300 million euros off the value of the teams up and down this pitlane."

But Walkinshaw dismissed this, saying: "If anyone new wants to come in, they are going to have to go and buy a position or acquire a team that's already in it. By someone actually acquiring the assets of Prost and continuing to run a team, they're underpinning the value of every team in the pitlane."

The entry fee required for any new team wishing to enter Formula One is $48 million, repayable in instalments once the team has entered the first race. It was not clear on Friday whether the ruling by FIA would let Prost compete this season under new ownership.

Stoddart said the administrator, French judge Franck Michel, received offers of between $30 to 60 million for Prost before the liquidation was declared.

"If I were a creditor of Prost, I'd be pretty damn upset at the moment because the crown jewels have been sold for a reported 2.586 million euros and only weeks ago there were $60 million on offer," said Stoddart. "It's a bad day for Formula One if it's all true."

Published at 07:36:55 GMT