Minardi lose Telefonica sponsorship.

Spanish telecommunications giant, Telefonica has announced it is withdrawing its sponsorship from the Minardi F1 team next season.

An official statement from the company read: "Telefonica have decided not to renew their sponsorship agreements with F1 as from next season, after considering the various options avaliable do not meet the aims of the company."

"Telefonica will persist in backing the world of motorsport by continuing many of the projects they are already successfully involved in, in particular the World Rally championship." The departure of Telefonica ends a two year involvement with the Italian team.

Also at Minardi they are expected to announce their engine supplier this weekend for 2001. Minardi has been linked to Supertec and Mugen-Honda.