Telefonica Rings Up Minardi Sale.
Minardi sponsor Telefonica has finally taken the plunge and bought the Italian team, according to sources.
The two parties have been in negotiation for much of the season, ever since lead driver Marc Gene brought in the communications giant as principal sponsor of Minardi for 1999. The last report, however, suggested that Telefonica had backed out of a deal to buy a controlling interest in the team, preferring instead to increase its funding in order to secure an improved engine supply for 2000.
Minardi sponsor Telefonica has finally taken the plunge and bought the Italian team, according to sources.
The two parties have been in negotiation for much of the season, ever since lead driver Marc Gene brought in the communications giant as principal sponsor of Minardi for 1999. The last report, however, suggested that Telefonica had backed out of a deal to buy a controlling interest in the team, preferring instead to increase its funding in order to secure an improved engine supply for 2000.
Now it appears that the company has had a change of heart, and has all but agreed a deal to purchase the team from co-owners Giancarlo Minardi and Gabriele Rumi. A spokesman for the team confirmed that the sale was imminent, and that an official announcement was due early next week.
It was speculated yesterday [Wednesday] that Minardi had secured a supply of Ford CR-1 engines for 2000, following intervention from F1 boss Bernie Ecclestone, and another financial bonus from Telefonica. The team had been expected to use Supertec power, but had failed to reach agreement with company boss Flavio Briatore.
