Minardi Chairman Leaves F1; Sells Stake to PSN

Tuesday September 26th, 2000

Minardi chairman Gabriele Rumi said on Tuesday he had sold his 70 percent stake in the Italian Formula One team to the Pan American Sports Network International (PSN) cable and satellite company.

Rumi, who has been involved in Minardi management since 1996, said he had enjoyed his spell in grand prix racing but he wanted to put the entire period behind him.

"The United States Grand Prix was my final race, from now on I don't want anything to do with Formula One," he said. "I even hope I'll never watch it again on TV because it will be too distressing for me.

"This is a really sad moment but it's a matter of giving a future to the team and a powerful partner is required. I have done everything for Minardi, but Formula One now requires massive investments that only major industrial groups can provide."

The Faenza-based team, which has succeeded in securing Supertec engines for 2001, will remain in Italy and under the control of Gian Carlo Minardi.

Minardi made their Formula One debut in 1985 but have never won a race. They have not won a world championship point this season.

PSN, based in New York and Miami, owns most of the television rights for Formula One in central and Latin America. It is also a shareholder in Minardi's Spanish sponsor Telefonica, which has also backed the team in a minor capacity this year.

Two Minardi mechanics hit by their own drivers during pit stops at Indianapolis on Sunday were not seriously injured, the team said on Tuesday.

Refueller Sandro Parrini and front-wheel man Riccardo Pozzati were struck drivers Gaston Mazzacane and Marc Gene in separate incidents.

Ater a check-up at the circuit's medical centre both were diagnosed with badly bruised ankles.