Red Bull have reached an agreement with Paul Stoddart to buy Minardi, they confirmed at Spa-Francorchamps today.

The soft drinks giant, who already own Red Bull Racing, will take control of Minardi on November 1, when they will set about shaping an independent team designed to nurture drivers on their development programme.

Stoddart had held talks with Red Bull over the last week and they have today concluded an agreement, which the Australian aviation millionaire hailed as "good news for Minardi".