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The phrase "despite the prospect" is correct and usable in written English.
It is used when there is an expectation or likelihood of something, but a different outcome or result occurs. For example, "Despite the prospect of heavy rain, the outdoor festival went ahead as planned."
Exact(60)
Syrians detained offshore offered repatriation despite the prospect of certain death.
On Friday, markets calmed down despite the prospect of slowing economic growth and rising interest rates.
Despite the prospect of dilution, shareholders reacted positively in after-hours trading.
Despite the prospect of renovating the whole of the ground floor – again – Feeley wasn't angry.
Despite the prospect of skepticism-by-fiat, Breakingviews largely approves of the system.
Indeed, some fans have said they would continue to drive, despite the prospect of congestion and meager parking opportunities.
But Smith and Nephew slipped 7p to £11.68 despite the prospect of US predator Stryker making a bid.
But despite the prospect of a £500 fine, it is claimed, many mountain bikers break the rules.
She claimed the Clintons were "dead broke" at the time despite the prospect of book deals and speaking tours.
Wagner might have sniffed but he kept coming back, despite the prospect of singing in the rain.
Gareth Bale is determined to stay at Real Madrid despite the prospect of a world-record summer bid from Manchester United, according to the Evening Standard.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com