In 1995, de Rouvre sold the team to Flavio Briatore and Tom Walkinshaw. The Mugen Honda-powered JS43 turned out to be a well balanced car, if not on par with the Williams entries. It became a surprise winner as well, with the team taking the chequered flag with Olivier Panis at the Monaco Grand Prix, albeit in a race of heavy attrition, with only three cars finishing. It was the first "all-French" victory at Monaco since René Dreyfus in Bugatti in 1930. This ended a nearly fifteen-year-long winless-streak for the Ligier team, the longest of any uninterruptedly existing team between two wins (some teams like Honda or Mercedes had much longer periods between two wins, but did not exist as a grand prix team for most of their period between two wins).

In 1997 the team was sold to Alain Prost and became Prost Grand Prix in 1997. Prost GP, despite substantial financial backing by large private French companies, failed to make the team competitive and went bankrupt in 2002.