Minardi acquired by Red Bull

It is today announced that an agreement has been reached whereby Red Bull GmbH will acquire 100 per cent of the shares in the Minardi Team by no later than November 1, 2005. The Minardi F1 Team will continue to operate in its existing guise, with the same driver, sponsor and personnel arrangements, for the remaining rounds of the 2005 FIA Formula One World Championship.

"From a purely personal standpoint, I am going to be very sad to leave this Paddock and the sport I love," Minardi Team Principal, Paul Stoddart, commented today at the Spa-Francorchamps circuit, where the Faenza squad is preparing for tomorrow's Belgian Grand Prix. "I have always said, however, that I would consider selling the team if a serious potential buyer could meet certain key conditions."

"Specifically, I wanted to be convinced of the following: (1) there was sufficient personal commitment and commercial backing in place to move the team to a level of competitiveness that I could not; (2) the team would continue to be based in Italy; and (3) the majority of team personnel would have a stable future. After detailed discussions with Dr Mateschitz's representatives, I am satisfied that Red Bull meets all of these criteria, and on that basis, I have agreed to sell the team."

"Finally, I want to thank everyone at Minardi for their unflagging support over the five years of my ownership. It may be the smallest team currently on the Formula One grid, but it definitely possesses the largest heart. It would be entirely fitting, and not beyond the realms of possibility, to see Fernando Alonso, who started his career with Minardi in 2001, crowned as the youngest-ever Formula One World Drivers' Champion here tomorrow."

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