JUNE 23, 2002
End of June deadlines
THE end of June is likely to be a key moment for a number of teams in Formula 1 as it marks the moment at the which payment schedules will need to be met and we hear that at least two teams are facing a situation in which they may have to default on payments which they are scheduled to make. One of these is believed to be Minardi which owes something like $6.8m to the Rumi Family, part of the plan for payment agreed when Paul Stoddart bought the team at the start of 2001. Stoddart is happy to admit that he owes the money but is doing his best to keep up with the payments. Stoddart also has a $5m debt with the Formula One group, which was a loan made at the start of the year.
The end of June deadline will also affect a number of driver contracts as options run out.
There are also half yearly payments to be made on a number of contracts - so we will no doubt be seeing a certain of fallout as deadlines are met - or not.
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