Minardi Announce Asiatech Deal for 2002

Minardi have secured a free supply of Asiatech engines for 2002 in a deal that increases the Far Eastern flavour of the Formula One team.

The team announced on Saturday that the deal is on an exclusive basis for next year with an option on a further season. The team, owned by Australian businessman Paul Stoddart, have already announced that Alex Yoong will become Malaysia's first Formula One driver with them at this month's Italian Grand Prix.

This week they also revealed that Malaysia's Magnum, a gaming corporation, had become a major sponsor. Minardi, who have scored just one point in five years, announced the engine deal at the Belgian Grand Prix and said the first AT02 would be delivered shortly to their Faenza factory.

It said in a statement that the engine was "lighter, dimensionally smaller and more powerful" than the ageing Ford-based one used by Minardi this season.

"We will supply engines to Minardi in 2002, with a possibility of extending for 2003," said Asiatech president John Gano. "We're not asking Paul for any money," he declared, adding that Asiatech was not looking for an equity involvement or an option on Minardi either.

"We want to lend a hand to people who are putting up a good fight," he said.

Gano said Asiatech, who worked with Arrows this season in their first year since the company took over Peugeot's engine operations, were fully funded and had been talking to two other teams. Arrows have already announced a deal with Ford-owned Cosworth, Jaguar's engine suppliers, and Prost are expected to renew their deal with Ferrari.

Without Minardi, who own the intellectual property rights to their existing engine, Asiatech risked being shut out of the Formula One arena. But Stoddart, who had talked with Ferrari and Cosworth, said the supplier represented a good fit with the team's image.

"With the arrival last week of Alex Yoong, Asiatech is for us an incredibly good name for all we're doing in that part of the world."