Irish businessman Brendan McGuinness has confirmed he is spearheading a consortium bidding to take over the troubled Minardi Formula One team.
McGuinness has held talks with Saudi Price Al-Waleed about the possibility of purchasing the team and claims he now has the financial backing to complete the deal.
Minardi have secured just two points this season, courtesy of Australian driver Mark Webber, and have been plagued with money problems in recent years but the consortium clearly feel that with investment the team can be turned around.
"The negotiations are ongoing and hopefully we will reach a conclusion in the very near future rather than the distant future," McGuinness anounced. "We have a budget to take Minardi further."