Stoddart sad to see Minardi name go

But Stoddart believes the team's essence will remain with the new owners

In a statement titled 'The last word...for now', Stoddart also thanked team founder Gian Carlo Minardi for keeping the team alive despite years of struggles.

"I want to thank Gian Carlo Minardi," said Stoddart, whose team will be renamed Squadra Toro Rosso next season.

"Unless he had possessed the vision and the bravery to strike out into Formula One in the first place, and the resilience to deal with the innumerable problems and difficulties that arose along the way, the team would undoubtedly have suffered the same fate as many well-known, and frequently better funded organisations, and simply fallen by the wayside. 

"Regrettably, the Minardi name will now disappear from the sport, but I firmly believe the competitive spirit that has burned brightly within this team for the past 21 years will live on under its new owners."

The Australian businessman also expressed his gratitude towards the Minardi staff as well as the drivers who races in 2005.

"As the time for the handover of the team to its new owners approaches, I would like to take this opportunity to thank all Minardi staff, both on the race team and at the factory, in Italy and the UK, for their support over the last five years, and for the incredible job they have done, given the available resources," he said.

"I would also like to thank all those who have driven for us in 2005 - Patrick Friesacher, Christijan Albers, Robert Doornbos, Chanoch Nissany and Enrico Toccacelo - for their valuable contribution to the team. 

"I would also like to express my sincere gratitude to our engine partner, Cosworth, to our commercial and technical partners, and to the thousands of Minardi fans around the world, for their unconditional support of the hard-trying little team from Faenza over the years."