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  Friday, 2 August, 2002, 10:41 GMT 11:41 UK
Consortium plans Minardi buy-out
Minardi driver Alex Yoong struggles to keep control
Minardi have struggled this season
The cash-strapped Minardi Formula One team could have a new owner.

Irish businessman Brendan McGuinness said that he and a consortium led by Saudi Prince Al-Waleed are set to buy the team.

McGuinness is one of Saudi Arabia's largest car importers, while Al-Waleed controls worldwide banking and leisure corporations and is also head of the Saudi Kingdom Agricultural Development Company.

A deal is being brokered which would see the consortium purchase the team from current owner Paul Stoddart.

"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 but he hit financial problems in the middle of this season.

Although he has a budget to complete the final five races of the season this year, Stoddart must find a backer or investor to continue next year.

Stoddart said: "We are in discussions with a number of parties concerning investment in the team and Brian McGuinness is one of those."

See also:

01 Aug 02 | Formula One
26 Jun 02 | Formula One
05 Jul 02 | Formula One
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