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post #1 of 7 (permalink) Old 05-31-02, 12:12 AM Thread Starter
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End of the road for Minardi?

According to reports, the European Minardi team may not make it to the French Grand Prix due to a serious shortage of funds. Paul Stoddart has revealed that the British GP in early July could be the final one they compete in if the issue of television money, delayed by the appearance of Phoenix Finance Limited, is not resolved quickly.

With the liquidation of Prost GP earlier this year, Minardi inherited tenth place in the 2001 constructors battle, making the estimated 12 million dollars from the annual breakdown of television money rightfully theirs. However with the ongoing saga presented by Charles Nickerson and Arrows boss Tom Walkinshaw, it is unknown when the small team will be able to collect the necessary funds to keep them in active competition.

Despite Phoenix's claims that they have the right to enter the 2002 championship, their argument was thrown out of court in the lead up to the Monaco Grand Prix, however they intend to appeal the matter, leaving the position of the final tenth place wide open. Stoddart told the BBC that the whole matter is a joke and he is hoping that other teams back them up on this issue.

"It is annoying, frustrating would be the right word," Stoddart said. "Our budget has been withheld because of the Phoenix issue. We know we're owed a very substantial amount. It is time the other teams said 'Enough is enough - let Minardi have their money.'"

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post #2 of 7 (permalink) Old 05-31-02, 05:55 AM
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I seriously hope that Minardi pull through not only for Webber but for all the hard work that Stoddart has put into his team.
Another reason to dispise that prick Walkinshaw IMO.

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post #3 of 7 (permalink) Old 05-31-02, 07:17 AM
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I hope Minardi pull through all this BS, it would be a real shame if they were unable to compete.

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post #4 of 7 (permalink) Old 05-31-02, 09:01 AM
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yeah, it would be an absolute shame. not only for webber, stoddart but also for the sport itself.

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post #5 of 7 (permalink) Old 05-31-02, 06:31 PM
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Its indeed a shame that someone paying so little, thinks that they can manipulate this situation. The FIA has made their stand clear by opposing Walkinshaw bid for a second team; lets hope Minardi get their money soon!
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post #6 of 7 (permalink) Old 06-02-02, 01:57 AM
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Walkinshaw is probably counting the money already. With Minardi maybe he is counting on the money going to his team.
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post #7 of 7 (permalink) Old 06-02-02, 05:11 AM
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Minardi could go out of business after the British Grand Prix unless they find new funds.

Team boss Paul Stoddart has revealed that he does not have enough cash to complete the Formula 1 season because the outfit has been denied prize money by the legal case involving Prost buyers Phoenix.

When Prost went bankrupt earlier in the year, Stoddart assumed his outfit would be promoted to 10th in the 2001 constructors’ championship, earning them around £8.5million.

But Phoenix’s claim that they bought Prost’s 2002 championship entry and should inherit the prize money means that Stoddart has still not received the cash.

The situation is now so desperate that the team could be forced out of the championship in just three races’ time.

He told Autosport magazine: "Basically we don't have the money to complete the year. This is our second half of the year money and we are almost at the second half of the year, So, without being alarmist, it is fair to say that we will need a fairly short-term solution.

"If the money does not come, I will have to seriously consider what happens because I will not allow Minardi to run up debts. We need to know what is happening soon because I will not push on regardless, that would be irresponsible."

He added: "It's our money and if you don't think that you're not on the same planet."

Stoddart wants Formula 1’s other teams to rally to Minardi’s cause.

He said: "It is time the teams said 'Enough is enough - let Minardi have their money.'"

One option Stoddart has is to sell a stake in the team – possibly to engine supplier Asiatech – to raise cash.

He admitted: "I now have two choices - take on a partner or investor, or fight bloody hard to get our own money."

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