In a statement issued following today's announcement that he has sold his Minardi team to Red Bull, Paul Stoddart admitted to a feeling of sadness.

"From a purely personal standpoint, I am going to be very sad to leave this paddock and the sport I love," said the Australian. "I have always said, however, that I would consider selling the team if a serious potential buyer could meet certain key conditions.

"Specifically, I wanted to be convinced of the following: (1) there was sufficient personal commitment and commercial backing in place to move the team to a level of competitiveness that I could not; (2) the team would continue to be based in Italy; and (3) the majority of team personnel would have a stable future.

"After detailed discussions with Dr Mateschitz's representatives, I am satisfied that Red Bull meets all of these criteria, and on that basis, I have agreed to sell the team."

This means that for the first time since 1985, Minardi will be missing from the Formula One grid next year when the 2006 season gets underway, since it is highly unlikely that the name will be retained.

Gian Carlo Minardi began in Italian F3 then progressed to F2, building his first car in 1980. The team briefly merged with Scuderia Italia in 1994 before the Italian sold control of the team to Flavio Briatore and Gabrielle Rumi at the end of 1996. The following year Rumi took control but the team continued to struggle, and was eventually taken on by Stoddart in 2001.

Over the years, the Italian team has introduced many drivers to F1, and Stoddart takes delight in the fact that Fernando Alonso, who could win the 2005 title this weekend, began his F1 career with the Faenza team.

"It would be entirely fitting, and not beyond the realms of possibility, to see Fernando Alonso crowned as the youngest ever Formula One World Champion here tomorrow."

"I want to thank everyone at Minardi for their unflagging support over the five years of my ownership," said Stoddart. "It may be the smallest team currently on the Formula One grid, but it definitely possesses the largest heart."