Government: Baumgartner Backing an Investment

The government backing given to Zsolt Baumgartner, letting him drive for Minardi in the 2004 season is an "investment" rather than sponsorship, according to Hungarian sports minister Ferenc Gyurcsany.

Gyurcsany told a hastily organized press conference in Budapest's Hotel Kempinski on Monday that the government decided to contribute $4 million from the national budget towards helping Baumgartner to get a permanent drive in Formula One.

"We think that Hungary wants to succeed, and the success of the country is up to the success of its individual people" - Gyurcsany said, stating that the government has "invested" in 22-year old Baumgartner.

Instead of simply acting as a sponsor, the Ministry of Sports and Youth have set up a new company which owns all of the marketing rights related to his Formula One career, hoping to get a return for their investment. Besides the government, the yet unnamed company is owned by Baumgartner and his manager, Tamas Frank.

After standing in for the injured Ralph Firman in the Hungarian and Italian Grands Prix in August, Baumgartner had originally been offered a race seat by Jordan in October. However, after failing to raise the funds wanted by the Silverstone-based squad, Frank decided to contact Minardi about the drive, and team boss Paul Stoddart said last Thursday that the young Hungarian had a "90 percent" chance of finalising the deal.

It still took until 11 o'clock on Monday, just one hour before the start of the press conference to get the financial guarantees from the Hungarian government.

Frank said that Minardi had offered a better deal than Jordan "not only because it was cheaper, but also because we got an incomparably larger space on their car available to our sponsors, and not only on Zsolt Baumgartner's car, but on the second and third cars as well."

50 percent of the total space will be assigned to the Hungarian's backers, half of which is already engaged by three of his biggest ones - oil company Mol Rt., CIB Bank and insurance company Uniqa - and the government want to get revenues by selling the rest to other sponsors.

A logo to promote Hungary worldwide, similar to the "Visit Malaysia" label seen on the Minardis before, is also expected to appear on the 2004 cars.

Frank stated he had "permission" from Stoddart to announce Baumgartner would sign the official contract with Minardi on Tuesday, after flying to London this evening. He didn't say how much money the Faenza-based team, the smallest in Formula One, asked for the whole season, but it is widely estimated somewhere around $8 million.

Baumgartner, who has competed in the International F3000 Championship before starting his Formula One career, will be partnered by Italian Gianmaria Bruni at Minardi.