More on Minardi's situation.

Super Tourer · 13 Jun 2002, 10:11 (Ref:312391)

More snippets on Minardi's position from this weeks motorsport press.

According to Motorsport News, Minardi's last hope in secuuring funds is via an informal request to other team bosses at a formula one team owners meeting today. Stoddart is believed to have abandoned plans for arbitration as this could take up to 9 months.

However, F1 insiders claim that PS has no chance in securing agreement from the other team bosses and PS himself admits that his chances of getting these extra funds are only 50-50.

Minardi plan to be in Nurburgring regardless, but PS admits that any further participation is in doubt if the meeting does not produce the funds he requires.

Autosport adds to this by saying that high level F1 sources have revealed that a document has been drawn up by 9 of the teams who finished in the top 10 last year, agreeing that the Prost funds should be evenly split between them instead. The document was circulated at the Canadian GP for final signatures. However, the agreement is worded so that in the event of PS or Phoenix securing their case via arbitration the money would be repaid to them.

PS hasn't ruled out suing those who he feels are stopping him getting the money - accusing them of restriction of trade.

Rod Dennis has dampened PS hopes by stating that a number of teams strongly believe that Minardi has no legal right to funds that they are claiming legal rights to.

IMO it all looks to be geting a bit messy, you can't blame PS for threatening more legal action, but to me it looks like a long winded expensive way to acheive probably not a lot. If the above comments are correct, the European GP could be Minardi's last, unless its just a final bluff by PS to secure the teams future from somewhere.

Whatever PS vows not to walk away from F1 without a fight and from what we've seen it looks like he's got one!

Maxmil · 13 Jun 2002, 11:20 (Ref:312466)

This whole affair mystifies me. I can't see how Minardi has any shread of a claim to Team Prost's travel money. I am surprised that the French Court made no attempt to secure the funds - which Prost won fair and square - for the benefit of the creditors who seem to me to have the best claim of anyone to them, at least until the court sold the rights to Phoenix. What is really surprising is that Stoddart seems to have based his 2002 budget on getting these funds. That is a very poor piece of business planning given the well known vagaries of the F1 financial setup.

Ellie · 13 Jun 2002, 11:38 (Ref:312505)

The European Minardi Team has pulled out of F3000, I think this is sadly a clear sign as to what is going to happen to the F1 Team.

**Stephen Green** · 13 Jun 2002, 12:54 (Ref:312608)

Not quite true Ellie. The F3000 team has been put up for sale and Astromega and Coloni have both shown an interest. If that fails to materialise then it's unlikely they will be in Germany in a weeks time.

On the matter of the Prost cash, I firmly believe it should be handed to the administrators of Prost Grand Prix as it forms part of the teams assets.

Super Tourer · 13 Jun 2002, 14:02 (Ref:312674)

In terms of the Minardi F3000 team, I think Astromega and Coloni are more interested in investing in the team to keep it going in some shape or form, as opposed to just buying assets.

The grid is down to 20 cars as it is, so it's in everyone's interest's to keep as many cars out as possible. Contrast this to only a couple of years ago, when teams were scrapping over entries......

Mania · 13 Jun 2002, 14:10 (Ref:312683)

I believe only Ferrari are going to support Minardi - mainly because the Italians would eat them alive if they dont. All the other teams believe that Minardi does not deserve the money and so its bye bye Stoddart.

Hopefully, someone else will come along and buy the Minardi team. Minardi are survivors and they will hopefully do far better without Stoddart at the helm.

**Stephen Green** · 13 Jun 2002, 18:04 (Ref:312880)

Am I the only one who thinks PS is making threats about not continuing the season in order to try and force Bernie and Max's hand?

Mr V · 13 Jun 2002, 19:17 (Ref:312944)

Quote:

Originally posted by Stephen Green
Am I the only one who thinks PS is making threats about not continuing the season in order to try and force Bernie and Max's hand?

no your not, i agree Stephen, PS hopes to get the money obviously (and i hope he gets it too as Minardi need more than others) BUT, when he originally budgetted for this season, he did so without claims to the Prost money. we didn't hear him saying, before Prost closed their doors that he wouldn't be able to see this season out, we've only heard it since he lost out on buying the rights to Prost's assets!

however, as i've said before, Minardi need that money more than Bernies bank account!

Champ69 · 14 Jun 2002, 02:31 (Ref:313232)

I was reading that the sale of Stods F3000 team was for 300,000 (??? as to what currency) and he was selling it cheap so the employees would not be put out of work.

He seems like a good guy.

freud · 14 Jun 2002, 02:37 (Ref:313235)

Quote:

Originally posted by Mania
Hopefully, someone else will come along and buy the Minardi team. Minardi are survivors and they will hopefully do far better without Stoddart at the helm.

Logically, can you explain how you reached this conclusion?

Nicholas · 14 Jun 2002, 16:17 (Ref:313655)

Up for sale, for $500,000. No

smilies anywhere to be seen? Are you mad?! There we were wanting to buy some old Prost cars to make our own F1 team, then this offer turns up and no-one seems to care... just WHAT IS WRONG WITH YOU PEOPLE!!! I mean, this is Minardi for God's sake...

we MUST be able to come up with some cash...

Ellie · 20 Jun 2002, 11:15 (Ref:317503)

Looks like we will still be seeing Minardi for some time.

They have won the $12m ,but owe Ecclestone $9m

You can find the article on http://www.dailyf1.com

Maxmil · 20 Jun 2002, 11:23 (Ref:317511)

Quote:

Originally posted by Ellie
They have won the $12m ,but owe Ecclestone $9m
You can find the article on http://www.dailyf1.com

Sounds like three steps forward and two back. How come the FIA's approval of the deal is required?

Valve Bounce · 20 Jun 2002, 11:49 (Ref:317535)

............

Valve[img]http://www.**************************/smilies/bouncy.gif[/img]

Jack racer · 20 Jun 2002, 11:50 (Ref:317537)

Cool we need them on the grid.
Without the small fish the big fish die too.

Maxmil · 20 Jun 2002, 11:54 (Ref:317541)

Quote:

Originally posted by Valve Bounce
............

Valve[img]http://www.**************************/smilies/bouncy.gif[/img]

Well put Bounce!

Wrex · 20 Jun 2002, 12:28 (Ref:317567)

Quote:

Originally posted by Maxmil
Sounds like three steps forward and two back.

Not to be picky, but would'nt that be 4 steps forward and 3 back?

**Stephen Green** · 20 Jun 2002, 12:32 (Ref:317570)

Good math Wrex

Maxmil · 20 Jun 2002, 12:43 (Ref:317579)

Quote:

Originally posted by Wrex
Not to be picky, but would'nt that be 4 steps forward and 3 back?

Point conceded; $3MM/ step is OK. I started with 3 forward and 1 back, but that didn't seem quite right. Anyway, you get the point.

**Peter Mallett** · 20 Jun 2002, 12:48 (Ref:317586)

Um,

I thought Steps had broken up.

**Stephen Green** · 20 Jun 2002, 12:50 (Ref:317589)

Arghhhhh...*pulls out hair, or what's left of it after watching the Mallett race a few weeks ago lol*

mac · 21 Jun 2002, 01:17 (Ref:317980)

They also have a new sponsor in some Austrian funds company, Quadriga. I don't know many details about the deal.

Valve Bounce · 21 Jun 2002, 01:44 (Ref:317991)

This is becoming really stupid. The money is meant to go towards the travelling expenses of the teams to and from Grand Prix. As Prost is gone, they do not need this travelling money, and therefore the next team gets it in default since they would have gotten nothing.
Now, Bloody Ron Dennis wants part of that also.
Words fail me.

Valve[img]http://www.**************************/smilies/bouncy.gif[/img]

f1manoz · 21 Jun 2002, 01:48 (Ref:317996)

This whole situation just proves the greed of F1 teams and that they don't want the small teams to survive. Minardi desperately need the cash, why don't they just let them have it?

Crash and Burn · 21 Jun 2002, 05:52 (Ref:318046)

The Minardi team have announced that they will be joined at this weekend's European Grand Prix by a new commercial partner. The Quadriga Group, founded in Austria by Christian Baha, is one of the most successful global hedge fund managers.
It is Quadriga's first involvement in Formula One™ racing and Minardi boss Paul Stoddart is enthusiastic about the potential of the new partnership. "Quadriga already have a strong presence in their home market, but the Minardi team will help to establish the brand name in South East Asia," he said in a press release.

"These are both young companies driven by ambition to succeed and a desire to do things a little differently from the competition. We look forward to carrying Quadriga's distinctive green and white 'bull' logo on our cars and to tasting joint success in the future."

Minardi are currently enjoying their most successful season of recent years, lying joint eighth in the constructors' championship with two points.

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