Stoddart confirms Champ Car move

The Australian, who owned the Minardi F1 team from 2001 to 2005, before selling it to Red Bull last year, has bought a controlling interest in CTE Racing-HVM to form a multi-car team called Minardi Team USA.

The driver line-up has yet to be confirmed, but Keith Wiggins has previously told autosport.com that if the proposed merger happened, they would run 'three or possibly four cars' in 2007.

In making the announcement, Stoddart said: "After taking a year off from motor racing following the sale of Minardi, we've had a chance to consider our options and examine how we might want to be involved with the sport in the future.

"After a lot of deliberation, we've come to the conclusion that Champ Car, with its blend of highly competitive, cost-effective racing and relatively level 'playing field', offers easily the best way forward."

Wiggins, who owned the Pacific F1 team, welcomed the decision.

"This is an exciting progression for our company, which will allow us to take it to the next level" said Wiggins. "It puts together all the elements we have established at HVM, continues the progress with the CTE program and adds the resources and talent that Minardi brings.

"The chemistry between Paul and I is extremely good and I am looking forward to the stable long-term future."

President of the Champ Car World Series Steve Johnson declared: "The addition of an owner with a proven racing background like Paul Stoddart only strengthens the series.

"Combining his experience and resources with a team that showed last season that it can win races provides even more reason to be excited about Champ Car's future."