Formula One news

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.

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