OCTOBER 18, 2000
Minardi covered for Telefonica withdrawal
MINARDI have said that Telefonica's decision to withdraw their backing will not affect the team after claiming new owners PanAmerican Sports Network (PSN) had covered for the eventual loss of the Spanish telecommunications giant.
Telefonica, who backed Minardi through driver Marc Gene, decided to pull-out of Formula One because of a lack of available options.
But Minardi have said that they had covered for the Telefonica's exit and revealed that PSN, who actually owned three per cent of the Spanish company, will help find a new sponsor for the team.
"PSN has studied the possibility that Telefonica would leave the team, and have guaranteed us continuity," Minardi's Federico Lucchini said.
"They will help the team to find a new sponsor who is interested in investing in Formula One and in Minardi."