MAY 22, 2002

Phoenix Finance loses

Phoenix Finance Ltd. has lost their case in the High Court in London against the FIA and FOM.

PHOENIX FINANCE LTD. has lost their case in the High Court in London against the FIA and FOM. The company claimed that the two organizations stopped the them from competing this year with the assets acquired from the defunct Prost Grand Prix.

The FIA would not allow the team to compete with Prost entry, saying that Phoenix had purchased little more than a few "show cars" from Prost, and the court agreed.

Phoenix Finance was also ordered to pay the court expenses associated with the case.