Stoddart set to save Minardi

Stoddart is realistically the last chance for the Italian team, which has yet to announce any sponsors, drivers or an engine supply for 2001, but the Australian would not confirm the deal pending an announcement early next week.

"We are looking and I think it's fair to say that we are the team's [Minardi's] only chance," said Stoddart. "I am quite confident, but it would be wholly wrong to say anymore than that at this stage."

Minardi's future has become increasingly bleak over recent months since a deal for South American cable network PSN to buy the team fell through. With only six weeks remaining before the first Grand Prix of the season in Melbourne, the Faenza-based outfit is running out of options.

It is thought that once the deal has gone through, the team will be run from both European's Herefordshire base and Minardi's current factory in Italy, taking advantage of the state-of-the-art facilities built up by Stoddart over the last two years and the dedicated workforce in Faenza.

The lack of an engine supply has been a thorn in the team's side due to a shortage of available customer deals. A revised version of last year's Supertec engine is a possibility, but a more likely option is for the team to continue using the Cosworth V10s of last year, with some assistance from the Ford-owned engine builders.

Stoddart, whose European Racing outfit runs the former Arrows Formula 3000 Junior team, bought much of the equipment sold by the Tyrrell F1 team when it closed it's doors in 1998 and the aviation magnate is known to harbour strong ambitions of being an F1 team boss.