OCTOBER 31, 2002
Stoddart does some housekeeping
Paul Stoddart has told Melbourne's 3AW radio station that he is selling European Aviation - but this has got nothing to do with Formula 1. Stoddart's involvement in F1 is his passion as well as being a business but he has left the running of his other aviation-related firms to his staff in recent years and the downturn in the world economy (and specifically in the airline business) after September 11, 2001 means that running an airline is no longer as profitable a business as once it was. Stoddart will continue to run his aviation spares business which has been the most profitbale part of the group for a long time.
Stoddart said that negotiations are well-advanced for the sale which was necessary because "we could no longer stand alone".
Stoddart said that there should be no problems for Minardi being on the grid next year thanks to sponsorship from Russia and from Malaysia.
The team will probably use the new regulations regarding testing to run local drivers at different events during the extra testing on Fridays - if this goes ahead.
|Print News Story|