The day a big dream came crashing down for Alain Prost

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On this day in 2001, a French court in Versailles placed the beleaguered Prost Grand Prix outfit into receivership, a decision that shattered the dream of its illustrious founder Alain Prost.

For five years, the four-time world champion had held on to his hopes of winning in F1 as a team owner after enjoying 51 wins as a driver.

Saddled with a mountain of debt, the French team - born on the foundation of the former Ligier squad - was monitored by a judge as it vowed to fight on. But during the receivership period, Prost failed to secure the capital necessary to sustain the team's presence on the grid.

Prost GP eventually folded on the eve of the 2002 season.

Seen hereabove is German driver Heinz-Harald Frentzen at the wheel of Prost's pretty AP04 racing on to 12th in the Japanese GP at Suzuka, the final race of the 2001 season and the team's swansong Grand Prix.

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.