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2 Aug 2002, 11:44 (Ref:348574)
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 Race OfficialVeteran
Join Date: Jun 2001
Posts: 13,038
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Irish/Saudi bid for Minardi
The following article appears on Reuters news services this morning:
10:57 02Aug2002 RTRS-Motor racing-Irish-Saudi bid to take over cash-strapped Minardi LONDON, England, August 2 (Reuters) - Irish businessman Brendan McGuinness said on Friday 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." McGuinness, who was involved with Al-Waleed in a failed Prost take-over last year, insisted any investment from the consortium would end Stoddart's time in Formula One. "It would be a total take-over," McGuinness said. "I have a lot of respect for Paul and to be honest he probably doesn't want to stay on anyway. "The discussions have not come to that stage yet, but if we do anything it will have to be a full take-over." Al-Waleed controls worldwide banking and leisure corporations and is also head of the Saudi Kingdom Agricultural Development Company, while McGuinness is one of Saudi Arabia's largest car importers. |
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The Priest Catcher Honoured recipient of the BARC Browning Medal 
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2 Aug 2002, 12:57 (Ref:348654)
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Veteran
Join Date: Jul 2002
Posts: 1,332
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I would be kind of sad to see PS go... He certainly brought some fire and determination to Minardi, and always a fighting spirit...
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Juliette Bravo! Juliette Bravo!!!!
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2 Aug 2002, 13:02 (Ref:348660)
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Veteran
Join Date: Feb 2000
Posts: 7,491
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Somehow, I seem to be losing interest in Minardi for the first time ever. I don't know why. It just doesn't look good for Paul to be trumped like that, but maybe I'm just over sentimental. McGuiness's involvement in the Phart Phiasco just makes me really suspicious. Maybe Tom Walkinshaw will have himself another team next year.
Valve[img]http://www.**************************/smilies/bouncy.gif[/img] |
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2 Aug 2002, 14:28 (Ref:348743)
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Join Date: Jul 2001
Posts: 7,294
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Minardi's image is becoming murkier by the day. First they were just a bunch of enthusiasts run by an Italian who purely loved motorsport. Then we have an Aussies take over who loves motorsport, but who does a bit too much complaining, and now this. What next????
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Sunderland Til I Die!
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2 Aug 2002, 14:34 (Ref:348744)
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Race Official Veteran
Join Date: Jun 2001
Posts: 13,038
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Maybe it will end with Alain Prost buying them
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__________________
The Priest Catcher Honoured recipient of the BARC Browning Medal
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2 Aug 2002, 16:26 (Ref:348813)
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#6 | ||
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Veteran
Join Date: Oct 2000
Posts: 1,434
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The Saudis have a lot of money - maybe they dont really deserve it - but they do have it. If their cash can help a team stay afloat, then I guess thats the way to go.
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2 Aug 2002, 16:53 (Ref:348829)
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2 Aug 2002, 19:38 (Ref:348951)
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Join Date: Jul 2002
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Prince Al-Waleed can definetly afford it. I wonder if this means a Saudi Grand Prix in the future...
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3 Aug 2002, 04:19 (Ref:349168)
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#9 | ||
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Join Date: Feb 2000
Posts: 7,491
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Well, the Bedouins love anything that moves on wheels. As for a GP, I am sure if they wanted to build a track, there are places where this is suitable, especially in the mountainous areas around Taif. There is only one problem: as far as I know, Saudi Arabia is not open to tourists. However, that would not stop them from building a track in Dubai, or Bahrein, or Qatar.
Valve 
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3 Aug 2002, 09:07 (Ref:349216)
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4 Aug 2002, 17:52 (Ref:349904)
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Join Date: Jul 1999
Posts: 2,946
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I'm still backing Stoddart. He has the drive and the passion required. The only reason why he moans/gets involved in the money side of stuff too much is that, particullarly since Sept 11th, there has been a worldwide economic downturn and only the big companies, the ones that want to back winners, can afford the extravagance of sponsoring a Formula 1 team. Stoddart was whinging over that money because he needed it for the team to survive. If that's what it takes, moan on...
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5 Aug 2002, 02:20 (Ref:350146)
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Veteran
Join Date: May 2001
Posts: 5,702
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Quote:
Unfortunately, spirit counts for squat these days. Also, if not for the Alex Yoong saga, we probably would not have Minardi around today. And Webber probably wouldn't have an F1 drive. |
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5 Aug 2002, 08:34 (Ref:350242)
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Subscriber
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Join Date: Jan 2000
Posts: 4,304
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Apparently there is also a British/European led bid for the team as well, which would keep the team more or less as is, with PS running the show.
Under the Saudi bid, McGuiness would run the team, what his motor racing experience is , I'm not sure. Whatever, Asiatech don't seem to be mentioned as a bidder these days. |
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'I've seen it, but still don't believe it.....'
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5 Aug 2002, 12:28 (Ref:350391)
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#14 | ||
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Veteran
Join Date: Feb 2002
Posts: 1,471
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McGuiness has nothing to do with the Pheonix/Dart group.
He tried to but the Prost team for Prince Al-Waleed last year, before Prost went into recievership. Apparently Prost didn't want to sell to the him. This story has been doing the rounds for months now. It was in F1 magazine at the a few weeks back. |
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6 Aug 2002, 03:51 (Ref:350990)
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Racer
Join Date: Jul 2002
Posts: 413
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Is McGuiness the stout you have with a hamburger?
Stoddart is a realist and won't continue throwing good money after bad. I'm sure he'd prefer a 'backer' or 'partner' rather than sell outright, but at the end of the day if he's losing the fortune he took years to make, he'd be silly not to sell. |
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Let no way be the way - let no limitation be the limitation! The late great Bruce Lee
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6 Aug 2002, 04:06 (Ref:350992)
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#16 | ||
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Veteran
Join Date: Jul 2001
Posts: 663
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Have read the article in the F1magazine and it painted McGuiness in a good light. Prince Al-Waleed wanted in to F1 racing and looked at McLaren but wanted to help a smaller team (he could have a bigger impact with his money) They advance Prost 10 million so he could continue racing at Imola.
Prost did the dirty on him and kept on trying to sell the team to other people so they pulled out and Prost killed his team. PS has done a great job for Minardi and wants his team to advance up the grid. To do that now (thanks to 9/11/2001) he has to sell his team. I respect PS as he has the grace to give up on his dream of racing in F1 to allow his team to grow. Also remember that PS has sold has sold his F3000 team for cheap to save his employees jobs. If the Saudi team gets going then they will have good sponsors through the princes conections (they had the budget to keep prost going -but Prost was a liability) anyway this is all good news as Minardi will be racing next year. |
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It is not enough to succeed. Others must fail - Gore Vidal
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6 Aug 2002, 07:15 (Ref:351031)
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#17 | ||
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Race Official Veteran
Join Date: Jun 2001
Posts: 13,038
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Maybe we will see Stoddard back racing in the BOSS Formula with his collection of Tyrrels in that case. It would be good to see them out on the track once again as they used to be before he bought Minardi.
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__________________
The Priest Catcher Honoured recipient of the BARC Browning Medal
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6 Aug 2002, 07:44 (Ref:351043)
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Join Date: Mar 2002
Posts: 200
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Quote:
Is their any chance they would change the name of the team??? |
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6 Aug 2002, 12:59 (Ref:351244)
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6 Aug 2002, 13:12 (Ref:351256)
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#20 | ||
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Race Official Veteran
Join Date: Jun 2001
Posts: 13,038
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Bugger! Will the new owners be running them again do you know?
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__________________
The Priest Catcher Honoured recipient of the BARC Browning Medal
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6 Aug 2002, 15:39 (Ref:351369)
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Join Date: Dec 2001
Posts: 13,211
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That's so frickin uncool man!
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6 Aug 2002, 20:12 (Ref:351630)
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Racer
Join Date: Jul 2002
Posts: 413
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I hope it wasn't a sign that Stoddy was short of play money |
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6 Aug 2002, 23:20 (Ref:351816)
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Join Date: Oct 2001
Posts: 1,168
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7 Aug 2002, 02:21 (Ref:351886)
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#24 | |
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Join Date: May 2001
Posts: 5,702
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Mr Webber seems to be doing alright in them.
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7 Aug 2002, 03:08 (Ref:351916)
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#25 | ||
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Veteran
Join Date: Jul 2002
Posts: 666
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A Saudi sheik?!!! Minardi?!!! I guess we gonna see the first grid-girls wrapped in veils holding Minardi’s umbrellas!!!
 And the drivers who even dare to look beneath the veil will be beheaded!!!  
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