Stoddart seals Minardi deal

Stoddart had been involved in talks for several weeks to secure a deal which finally sees the Australian air freight magnate take over as chairman and team principal of the Italian minnows.

Italian Industrial magnate Gabriele Rumi relinquishes his 68 per cent share and ends a five-year association with the team. Giancarlo Minardi, who founded the team in 1979, will stay on as a director.

Minardi will now operate in tandem from European Aviation's Herefordshire base as well as its current facility in Faenza, as exclusively revealed on Autosport.com (January 19). European Aviation's Ledbury factory already houses its Formula 3000 operation and much of the defunct Tyrrell F1 team's equipment.

"We do not underestimate the enormity of the task ahead of us," said Stoddart, "but the logistical issues involved in operating factories in two different countries are eased considerably by the fact that European has its own airline and can do things at a pace other companies would find impossible.

"The companies complement one another superbly, and together we will be able to achieve more than either one could individually," he added. "European has a number of highly-experienced F1 personnel on staff already. It really is only people of this calibre who could join with the Faenza workforce at this late stage in order to ensure there will be a pair of Minardis on the grid for the first Grand Prix of the season, in Melbourne."

Minardi, who is set to take a less hands-on role in the operation following Stoddart's purchase, said: "

"I firmly believe that the co-operation with Paul Stoddart's European Aviation Group will lead to important results," said Minardi, "because what he is doing for the present is nothing compared to what he is planning for the future."

Minardi's 2001 car will be called the PS01 and is due to be completed next month. The car will be powered by the same three-year-old Cosworth engines used by the team last year, but will be re-badged as a European V10.

A driver line-up for 2001 has yet to be announced, but it is expected that Formula 3000 race winner Fernando Alonso will take one of the seats. The Spaniard's team mate appears less clear: Brazilian Enrique Bernoldi has been linked to the drive, but could now be Arrows-bound. Benetton test driver Mark Webber, who drove for Stoddart's European Arrows F3000 squad, has also been thrown into the melting pot.