Minardi Announce Stoddart Deal is Complete

Australian businessman Paul Stoddart has completed his takeover of ailing Formula One team Minardi, the Italian outfit confirmed on Tuesday.

Stoddart, 45, chairman and chief executive of European Aviation which sponsored Arrows last year and ran an F3000 team, has acquired Gabriele Rumi's majority stake in the Faenza-based team.

The Minardi Formula One operation will now be "dovetailed" with European Aviation's work in Ledbury, England, but the team will not relocate to Stoddart's British base.

"Minardi and European fit like a glove," said Stoddart, who now becomes Minardi's chairman and team principal. "The companies complement one another superbly, and together we will be able to achieve more than either one could individually.

"European has a number of highly experienced Formula One personnel on staff already. It really is only people of this calibre who could join with the Faenza workforce at this late stage in order to ensure there will be pair of Minardis on the grid for the first grand prix of the season in Melbourne."

Stoddart accepted he has a challenge in front of him but said the two individuals companies will overcome the problems of working from two separate locations.

"It is undoubtedly a huge challenge, but everyone is up for it," he added. "That said, we do not underestimate the enormity of the task ahead of us.

"But the logistical issues involved in operating factories in two different countries are eased considerably by the fact European has its own airline and can do things at a pace other companies would find impossible."

The team's first 2001 - the PS01 - chassis is almost complete and will be powered by a European V10 engine, which is an upgrade of the Fondmetal badged power units used last year. An announcement on drivers is expected in the coming weeks.