JV loss boosts BAR coffers

Villeneuve was reputedly earning just under £9million in the final season of his five years with the team. Richards says that the money he will save by employing Japanese youngster Takuma Sato will be ploughed into the development of next year's effort.

"That goes back in the team now, it's part of the overall budget," said Richards. "We've got more money to spend on the engineering side next year, quite clearly. We've got a very clear plan now and Geoff Willis is very happy with he proposals we've put to him and the availability of funds he's got for next year."

Richards insisted that an offer was made to Villeneuve's manager Craig Pollock to retain the former world champion's services for 2004, but that this was refused.

"Craig and I exchanged correspondence on an indicative proposal," said Richards. "Clearly when you're discussing these things you go through a series of discussions. It was more a case of this is where I'm coming from, this is what I'm going to put on the table, is that acceptable to you before I go back and sit down and discuss it. It wasn't a frivolous bit of negotiation, it was a sensible discussion back and forwards of what the offers were."