The Prost Grand Prix team has officially gone into liquidation and will not be on the grid this year. The President of the Versailles Commercial Court announced the decision today. The team, run by four times world champion Alain Prost, went into receivership in November and has been unable to mount a convincing financial rescue package.

The news left Eddie Jordan dumbfounded, saying, "I am extremely sorry to hear this (about Prost's liquidation). Alain and I drove together in 79 and have been sparring partners ever since. This news is very sad."

The biggest casualty is the Prost workforce, which will be made redundant.  However, team manager, John Walton, a former Jordan team manager has taken up a new role with the Minardi team. As for the drivers, Heinz-Harald Frentzen could be left out in the cold, unless he replaces Jos Verstappen at Arrows.  The burning question is who will buy into the remaining two slots on the grid, as a maximum of 12 teams are allowed to compete in Formula One.