Minardi to be bought out?

Reports that the cash starved Minardi team is on the brink of being bought out have gained greater impetus with a statement made yesterday by one of the figures at the centre of the rumours regarding the buy-out.

As reported in Britain's Daily Telegraph Brendan McGuiness, an Irish businessman, will front a consortium along with Saudi Prince Al-Waleed and their objective is a total buy-out of the team.

"It would be a total takeover and we have the budget to do that" he was reported as saying yesterday. Talks are said to be ongoing with Paul Stoddart.

Stoddart has fought to keep the beleagured squad afloat since his takeover of the team at the start of the 2001 season. Since then the world economic climate has worsened considerably and Stoddart's core airline business is one industry sector that has been affected.

Whether Stoddart would retain any role in the team after any takeover is unclear.