Following the announcement from Ford Motor Company this afternoon concerning its decision to bring its current Formula One participation to a conclusion at the end of the current season, the Minardi F1 Team wishes to confirm that there is a contract in place with Ford-owned Cosworth Racing for the supply of engines to the team in 2005.

"Minardi has enjoyed a long and mutually beneficial relationship with Cosworth Racing over the years, and in light of today's announcement, we will be working closely with Cosworth representatives to find a workable solution regarding engine supply arrangements for next season," comments Minardi Team Principal, Paul Stoddart. "We are confident of being able to arrive at a suitable arrangement."

"On a personal note, all of us at Minardi have been saddened by today's news, but fully understand the economic realities involved in competing in this sport as it is currently structured. Our best wishes go out to all the staff involved, many of whom are personal friends as well as work colleagues."