Over the course of the season the car was raced by five drivers: French veteran Jean Alesi, Argentine Gastón Mazzacane, Brazilian Luciano Burti, German Heinz-Harald Frentzen and Czech Tomáš Enge.

Initially, things looked quite promising after the catastrophic 2000 season, with the Diniz family becoming shareholders and bringing Parmalat sponsorship to the team.

A highlight of Frentzen's brief stint with the team was qualifying 4th at the Belgian Grand Prix in a wet-dry session, only to throw that away by stalling on the grid at the start.

A deal with Saudi Arabian prince Al-Waleed bin Talal to become a major shareholder fell through[4] and Prost did not survive into 2002, folding with debts of around $25 million.

The cars and other assets were bought by Charles Nickerson's Phoenix Finance, which attempted to enter a team for 2002 in partnership with Tom Walkinshaw, using the in-house Arrows engines from 1998.