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Minardi Formula One team could have a new owner in time for the 2003 season.
Irish businessman Brendan McGuinness,
who is now based in Saudi Arabia, has stated that is currently brokering a
deal with could see a Saudi Arabian consortium purchase the team from its
current owner Paul Stoddart.
Stoddart purchased Minardi at the start of last season, and while he had
set-up a plan to see the team move from the back of the grid in the middle
of this year he encountered financial problems, and now only has a budget to
see the team complete the final five races of the season. Stoddart needs to
find someone to invest in the team if he hopes to continue in 2003.
However should McGuinness come into the plans it will mean Stoddart's time
at Minardi will come to an end as the Irishman intends to take- over the
team, and does not believe Stoddart would have a role within the team, or
that he would even want to stay.
"The negotiations are ongoing and hopefully we will reach a conclusion in
the very near future rather than the distant future,"
said McGuinness. "We have a budget to take Minardi further. It would be a
total take-over. I have a lot of respect for Paul and to be honest he
probably doesn't want to stay on anyway. The discussions have not come to
that stage yet, but if we do anything it will have to be a full take-over."
Stoddart has admitted to taking with McGuinness saying:
"We are in discussions with a number of parties
concerning investment in the team and Brian McGuinness is one of those."
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