Stoddart Poised to Buy Minardi

Australian businessman Paul Stoddart is expected to be confirmed as the new owner of the struggling Minardi Formula One team later on Wednesday.

A Minardi spokeswoman told Reuters the Italian team expected to make an announcement later in the day but was unable to give further details.

She said there was no doubt that Minardi, who have scored just one grand prix point in five years and have yet to announce an engine supplier or drivers for 2001, would be on the grid in Australia on March 4 for the season-opening race.

Stoddart, owner of the British-based European Aviation company, is an avid grand prix fan and has a collection of some 40 old Formula One cars which he still races.

Stoddart has confirmed his interest in Minardi in the past week. A European spokeswoman could say on Wednesday only that he was "away at the moment".

"We're in the final stages of negotiations and I'm very hopeful," the British weekly Motoring News quoted him as saying on Wednesday.

"I missed out on buying Tyrrell in 1997 but I hope I won't miss out this time."

He was also quoted by Autosport as saying that "I think it's fair to say that we are Minardi's only chance."

Sponsored Arrows

Stoddart sponsored the Arrows Formula One team last season and has also been involved with Jordan and the now defunct Tyrell, which he tried to buy four years ago before British American Racing took them over.

If he succeeds this time, he will become the first Australian team owner since triple champion Jack Brabham and Ron Tauranac sold their now-defunct team to current Formula One supremo Bernie Ecclestone in 1972.

Stoddart's firm built Arrows' two-seater Formula One car at their base in Ledbury, on the Welsh borders, and he also runs a successful Formula 3000 team with Australian Mark Webber winning one race for them last year.

Webber is now the Benetton test driver.

Minardi are expected to name Spaniard Fernando Alonso, who is under contract to the team, as one of their drivers with Brazilian Enrique Bernoldi widely expected to take the other berth after missing out at Sauber and Prost.

Alonso, an F3000 race winner, said earlier this month that he was still waiting to hear from Minardi.

Spaniard Marc Gene and Argentine Gaston Mazzacane drove for Minardi in 2000 but both have left the team, the former to join Williams as test driver and the latter to Prost.

Mazzacane was sponsored by the Miami-based television company Pan American Sports Network (PSN), who have linked up with Prost after last year backing out of a deal to buy a majority share in Minardi.

Motoring News reported that Minardi were unlikely to secure Renault-based Supertec engines this season, as had been tipped, because Renault wanted to concentrate all their efforts on their Benetton team.

Instead Minardi, without a win or podium finish in 16 years in Formula One, were expected to try and retain their old and outdated Ford engines.

The team, well used to uncertainty and last minute salvation, has earned lasting admiration from rivals for their competitive spirit despite a lack of resources. They have a considerable fan club outside Italy.