Team Bosses Hand Minnows a Lifeline

Formula One's top bosses have offered the minnow teams a lifeline after agreeing a deal to secure the future of the ten current Grand Prix outfits to at least the end of this season.

Perennial back-markers Minardi and, more crucially it appears this season, former race winners Jordan, have both been assured of their survival after Formula One supremo Bernie Ecclestone pushed the teams into a financial agreement.

"Bernie was quite insistent that a deal was sorted and he emphasised the fact that the Concorde Agreement demands at least 20 cars to be on the grid for each race," said a source.

It is understood that two of the more affluent teams would have to run an extra car if any team collapsed and that Ecclestone brokered a deal to prevent that from happening.

The secret agreement is thought to have been guaranteed by diverting approximately £20 million from the defunct Arrows team - due to have been shared out to all teams - to benefit coffers of the poorest.

"Without this, we would have needed Houdini at his greatest, pulling lots of rabbits out of hats," team boss Eddie Jordan told The Times newspaper. "This means we can go to sponsors and tell them we are definitely in business.

"I can now say hand on heart that we are in a position to fight in the Championships again."