Irish businessman Brendan McGuinness said today that he and a consortium led by Saudi Prince Al-Waleed are in talks to purchase the cash-strapped Minardi team. McGuinness, who is now based in Saudi Arabia, is brokering a deal which would see the consortium purchase the team from current owner Paul Stoddart and insists he has the budget to do so.
"The negotiations are ongoing and hopefully we will reach a conclusion in the very near future rather than the distant future," said McGuinness. "We have a budget to take Minardi further."
Stoddart saved the team from likely bankruptcy last year and set himself a five-year plan to move them up from the back of the grid.
In the middle of this season, however, he hit financial problems and was only able to continue after securing the television funding owed to the now defunct Prost Grand Prix to ensure the team's survival. He now has a budget to complete the final five races of the season this year, but must find a backer or investor to continue next year.
Stoddart confirmed: "We are in discussions with a number of parties concerning investment in the team and Brian McGuinness is one of that number."
Filed by Sinéad Kissane
