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$75,- mln sale

Minardus
in ForzaMinardi.com Forum
F1racing.net:
Minardi sold for $75 million


Former formula one team owner Paul Stoddart sold Minardi for around the (US)$75 million mark. Melbourne's 'The Age' newspaper interviewed the locally-born entrepreneur as he prepares to launch the new business class 'OzJet' airline with a maiden Melbourne-Sydney flight next week.

Stoddart, 50, reportedly told the Australian publication that he made 'quite a healthy profit' by selling Faenza based Minardi to the Red Bull drink company. "The sales proceeds form a large part of the US$73.7 million he can draw on to get OzJet into the air," the newspaper article said.

The maiden 'OzJet' flight takes off on November 29.

Comments

  • bernie
    Wow, I never relaized that Paul is only 50. He should be eating healthier
  • Telstar
    Ya, he should probably stop smoking too.

    Personally I think Minardi is worth more than that, but at least he didn't sell out for real cheap.
  • sadler21
    I dunno, maybe if he sold it cheaper we'd have a "team player" like Eddie Irvine running it and we'd still have the Minardi name.
  • MCSF
    I thought it went for 35mil? That must have been in Sterling.
  • PistonBroke
    How much did he pay for it 5 years ago??

    Points to consider.
    Starting a new team Cost $50m
    Position /Points earned this year $??m
    Real Estate $??m
    Existing Advertising revenue contracts $??m
  • clipper
    was it that he took the team over for a poultry sum like $1 million but incurred the debt that was owed?

    [Edited on 22/11/2005 by clipper]
  • Petroltorque
    Folks this is all wild speculation. I did not read in that article that Stoddart said how much he old the team for. From past dealings we know Stoddart peddles misinformation. The Financial times supplement estimated the sale was for $35 millions USD. How accurate is that estimate though? The real info would come from Red Bull. Anyone have access to their end of year finacial results?
  • bernie
    "As a private limited company, Red Bull are not obliged to make their company accounts freely available. The company must, however, lodge its accounts with Companies House on an annual basis. The public can then access this information from Companies House for a fee"

    But you can find out more here:
    http://www.bized.ac.uk/compfact/redbull/redbullindex.htm


    This press release on the RB site is interesting:
    Nuova in Formula Uno

    The new Scuderia Toro Rosso will soon be fighting for world championship points in Formula 1. The team boss is Austrian.



    Starting March 12, 2006, Formula 1 fans will be getting a taste of Red Bull in Italian: in Bahrain the new Scuderia Toro Rosso is heading into its first season as the second team owned by the Red Bull company.

    The decision to take over the former Minardi team came at Spa during the Belgian Grand Prix, making the real birthday of the new Scuderia November 1, 2005. On that date the takeover became official and at the same time the first personnel decision was made: 49-year-old Austrian Franz Tost will spearhead the team.

    Tost has lots of motorsport experience and Formula 1 know-how to contribute to the new team: he was formerly a driver for Formula Ford and Formula 3 and, among his other jobs, manager at the Walter Lechner Racing School before moving in 1993 to the team of Willi Weber. He was the driving force behind Ralf Schumacher’s career in Japan, advancing with his protégé to Formula 1. Since June 2000 Tost has been track operation manager at BMW Motorsport.

    In accordance with the regulations, the Scuderia Toro Rosso operates completely independently of Red Bull Racing and is also in a somewhat different position: it sees itself as a rookie team that will primarily provide opportunities for the up-and-coming talent from the Red Bull Junior Team to rise into the ranks of Formula 1. The question of the 2006 cockpit occupants for the team based at Faenza, Italy is still open as is the name of the tire supplier. The Scuderia Toro Rosso’s cars are powered by a Cosworth V10 engine.

    All the current news about the Scuderia can be found for now here at redbull.com. Before the end of the year it should also be available at www.scuderiatororosso.it.

    http://www.redbull.com/article.action?documentIntID=1131117091739-223112341
  • Minardus
    So, RB like to promote STR as a "rookie team".

    I wonder if this will only be in 2006 of forever.
    If forever, then they have to drop their drivers after 2006.
    Because in 2007 they won't be rookies anymore !!!!:rolleyes:
  • SuperRoo
    Stoddart is talking Australian Dollars. That'a about $50 mill US and 30 odd mill pounds sterling.
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