MOTOR SPORT: The collapse of Prost Grand Prix, with debts of $20million, makes them the first major casualty in Formula One since the demise of Lotus in 1995.

It was seven years ago this month that Lotus, the British team who won seven constructors' crowns in their heyday and helped the likes of Jim Clark and Graham Hill to drivers' titles, were forced to pull out of the sport.

Prost had hoped to overcome severe financial problems but were yesterday placed in liquidation by a court in Versailles, after originally being placed in receivership on November 22th.

Alain Prost known as The Professor for his cool calculating style which brought him 51 grand prix wins has failed to graduate with honours as a team boss.

He took over Ligier, a team since 1976 and which won the Monaco Grand Prix as late as 1996, and gave it his own name for the 1997 campaign.

The 46-year-old enjoyed a measure of success in that first season as his French team collected 21 points, but in the four years since they have added just 14 - picking up only four in 2001.

Prost put the difficulties in finding financial backing to pay off his debts down to the fall-out from the terrorist attacks in the United States on September 11th last year.

Whether other teams will also succumb to the financial downturn remains to be seen, although most have the backing of major car manufacturers which is crucial to survival in Formula One today.

Prost's absence from the grid for the season opener in Australia on March 3rd means 11 teams will line up in Melbourne's Albert Park, the same number that started last year.