I think they will do the job properly but it's up to them to tell you what's what

Tom Walkinshaw Arrows boss

Stoddart: "It's a bad day for F1 if all this is true."

Stoddart added that such a deal would diminish the value of all the F1 teams.

"If this team changes hands 2.5m euros, then that has just taken a collective 300m euros off the value of teams up and down this pit lane".

Walkinshaw said that Stoddart was only angry because his attempt to buy Prost had failed.

"It's as simple as that," he said.

Walkinshaw said his TWR company was supporting the buyers "with a whole load of the engineering back-up from TWR to get it up and running and do it properly".

It remains unclear where the new buyers intend to get an engine supply after Ferrari, which sold engines to Prost, said they would not be supplying the revived team.

Walkinshaw would not disclose the people who now own the team, which had been run by former world champion Alain Prost.

Bankrupt

"When they are ready they will do it. I don't want to be drawn into it. I think they will do the job properly but it's up to them to tell you what's what," said the Scot.

"The tribunal accepted the guys' offer yesterday. I think Minardi made an offer as well but they were unsuccessful."

Walkinshaw added that Arrows remained his focus.

The Prost team were declared bankrupt on 28 January with estimated debts of around $28m.

Prost was unable to save his team

The French team had ended 2001 with no title sponsor, and had no engine deal or drivers in place for 2002. Their new car was unfinished and it had planned to start the season with last year's model.

Prost's main asset was the 12th and final slot on the F1 grid.

Prost also earned revenue for finishing ninth overall last season, money that Minardi might have claimed instead.

Some F1 insiders were suggesting on Friday that the new owners of Prost might be able to retain their entry by paying a fine for non- appearance in Melbourne.

That would likely be as much as $500,000.