Minardi in take-over talks

An Irish businessman involved in a consortium currently in talks to buy out Minardi has said the deal should hopefully be done in the near future. Brian McGuinness, who is based in Saudi Arabia, intends to take over Minardi completely from Paul ...

An Irish businessman involved in a consortium currently in talks to buy out Minardi has said the deal should hopefully be done in the near future. Brian McGuinness, who is based in Saudi Arabia, intends to take over Minardi completely from Paul Stoddart and believes the investment group has the finances to give the team a boost.

"The negotiations are ongoing and hopefully we will reach a conclusion in the very near future rather than the distant future," said McGuinness. "We have a budget to take Minardi further."

Stoddart hit money problems in the middle of this season due to lengthy hold ups in the negotiations for television income from last year. The money was eventually paid out but Minardi remain in need of more cash to keep going in the future. "We are in discussions with a number of parties concerning investment in the team and Brian McGuinness is one of that number." Stoddart confirmed.

It's thought that Saudi Prince Al-Waleed is the head of the consortium and McGuinness is one of Saudi Arabia's major car importers. McGuinness said if the deal went ahead, Stoddart would no longer be part of the team: "It would be a total take-over. I have a lot of respect for Paul and to be honest he probably doesn't want to stay on anyway. The discussions have not come to that stage yet, but if we do anything it will have to be a full take-over."

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About this article
Series Formula 1
Drivers Paul Stoddart
Teams Minardi