A process for the preparation of a heat-stable antimony free polyester of neutral color comprising the esterification of an aromatic dicarboxylic acid or transesterification of a lower alkyl ester of an aromatic dicarboxylic acid with an aliphatic diol in the presence of 20 to 120 ppm of a transesterification metal catalyst, which is added in the form of a metal compound, and subsequent polycondensation, wherein after the esterification or transesterification has ended, a complexing agent selected from the group consisting of phosphoric acid, phosphorous acid, phosphonic acid and the esters of such acids is added in an amount which is 100% of the amount equivalent to the transesterification catalyst employed and up to 99% of the amount equivalent to cobalt to be employed, and wherein between 1 and 80 ppm of the cobalt in the form of a cobalt compound is added, and the polycondensation is carried out without the addition of antimony, in the presence of 1 to 10 ppm of titanium, which is added in the form of a titanium compound.