Stoddart says Minardi deal is imminent

Stoddart emerged as a last hope for the minnows of Formula 1 late last week and is currently in Italy conducting talks that will secure the future of the Faenza-based team.

"These things take time and we thought we would be in a position to announce officially today," Stoddart exclusively told Autosport.com, "but unfortunately there's still some last minute negotiations.

"All I can say is that the talks are at a final stage and we hope to conclude a deal within the next seven days," he added. "There are no hiccups and I can see no reason why things won't be concluded satisfactorily, but it's only right and proper that I wait until it's a done deal."

Speculation has been rife as to the future of Minardi following the withdrawal of South American cable TV giant from a potential takeover last September.

The deal with Stoddart, who made his fortune from a charter airline business, is thought to involve a supply of Cosworth V10s which Minardi has used for the last three seasons and will be maintained by the Ford-owned engine builder or a contractor.

Formula 3000 ace Fernando Alonso is expected to take the lead seat and the Spaniard's partner is to be selected from a group of two or three drivers. Sauber test driver Enrique Bernoldi is thought to be a likely candidate.

The team will have to work quickly if it is to ready itself for the first Grand Prix of the season in Australia on March 4. Operations are expected to run from both the European Racing factory in Herefordshire and Minardi's current facility in Italy.