Magnum confirms commitment to Minardi.

The Magnum Corporation, sponsor of Minardi in Formula One has issued an official statement confirming its commitment to the team, following speculation to the contrary during the past week.

With Minardi in the need of tightening its financial belts, according to team boss Paul Stoddart, rumours surroundings its chief sponsors are not what the Australian wants to hear. He will be relieved, therefore, to receive assurance that Magnum, which runs the Malaysian lottery, is to remain on board through the term of its contract.

"We would like to put on record that no spokesperson from Magnum Corporation Bhd had issued any statement in relation to Magnum's sponsorship of the GO KL Minardi Asiatech Team, as reported in several publications over the past few days," the Magnum statement read.

"Magnum Corporation Bhd had entered into a sponsorship agreement with the Minardi Team for the entire duration of the Formula One 2002 season and we do intend to see it through the end. Malaysia's first Formula One driver Alex Yoong, as you know, had finished in 14th position over the last weekend and has been doing his best for the country.

"Magnum was instrumental in helping the country to realise its dream by putting our first Malaysian Formula One driver on to the international circuit in the form of Alex Yoong. We want on to help Malaysians of all walk of life to rally behind this historical event by promoting Formula One through our 'Winning Formula Road' show, which brought Alex Yoong and the fabulous GO KL Minardi Asiatech Formula One cars throughout the country.

Magnum Corporation Berhad, through its 33 years of experience, has helped countless of Malaysians in achieving their dreams. We will continue to support our nation in realising its dreams."