Ecclestone Buys Minardi Stake (Updated)

Minardi owner Paul Stoddart has revealed that Bernie Ecclestone's decision to aid the back-of-the-grid team financially will see the Formula One supremo buy a stake in the outfit.

Stoddart confirmed the decision following Ecclestone's meeting with all team bosses other than the Australian and said the supremo would get a stake in his team.

Minardi sources put the investment at $4 million.

"The deal has been done on a handshake and with Bernie, that's good enough for me," said the Australian at the Canadian Grand Prix. "I welcome my new shareholder with open arms."

The extraordinary development followed two days of rare upheaval in the paddock, with Stoddart withdrawing his support for the 2004 technical regulations in protest against the non-appearance of a 'fighting fund' to help his team.

"Bernie brought the idea up and we discussed it this morning. It was all done very quick," said Stoddart, who had a row with rival team bosses in the FIA press conference. "I think he is a guy who doesn't want to see a crisis while he is at the helm. Common sense prevailed."

Ecclestone, who owned the successful Brabham team in the 1970s, had said earlier on Saturday that Stoddart was an enthusiast who had no place in a sport dominated by manufacturers on huge budgets.

"We need to shut up all this rubbish and get on with the sport," said Ecclestone. "We need to go racing. We are racers. We are not financiers we are bloody racers."

Stoddart, who confirmed he will not be relinquishing control of his team, said the deal means that his team will stay in Formula One next year despite the collapse of the fighting fund.

"It is probably fair to say that the fighting fund is dead," he added. "It is the best result for Formula One. We want to put all this politics behind us now. I think if it wasn't for (FIA president) Max (Mosley) and Bernie we wouldn't have this sport. If it was left to some of the other individuals it would be in absolute chaos.

"I never wanted this to happen. The last thing I wanted to do yesterday was to launch into that press conference. I knew it was coming. I couldn't understand the reasons why people let it get to that stage, and I am now glad that it is over. Having said that it shouldn't have happened in the first place."