The team's assets have now been bought for just £1.86m (€3m), and a team with a new name is set to join the F1 paddock within the next two races.

Walker is amazed that the French institutions did not step in to help out one of France's two representatives in motorsport's elite series.

He said: "I have a great amount of respect for Alain Prost as a driver and a friend - and I think he has been badly let down by France.

"I would have expected French organisations - be it business or the government - to offer some kind of help. You'd expect them to rally round and support him.

"France is one of the nations steeped in Formula One history, and look at all the recognition he has brought in the past. To lose all that is ludicrous."

Walker continued: "He is a number one chap and I think it is because he's a former driver - not a team manager and not a ruthless businessman, that's why he has failed.

"I would have loved to have seen him succeed, like Jack Brabham, like Jackie Stewart.

"But sadly it was not to be and I deeply regret the fact that Prost failed."

The new team, which it is believed could be called Pheonix, could be in place for the Malaysian Grand Prix a week on Sunday - although a more realistic target could be the next event in Brazil.

Former Prost pilots Tomas Enge and Gaston Mazzacane have been linked with drives for F1's newest addition.