Stoddart cited the failure of the manufacturer-supported Grand Prix teams to move forward with their undertakings either for the establishment of a “Fighting Fund”, to assist the smaller, independent Formula One teams, or for the supply of €10 million customer engines, as agreed earlier this year, as significant contributing factors in his decision.

“I was forced to reconsider my consent to the Formula One Commission vote on the 2004 Regulations, and the proposed changes to the 2003 Regulations,” he comments.  “On reflection, I was perhaps too eager to please people who, it seems, have actually been working to try to make it difficult for Minardi to continue.  On reading the proposed changes in detail, and taking into consideration the cost implications for Minardi, I had no choice but to withdraw my consent.”

Stoddart followed up his comments by proposing that the manufacturer teams consider the following course of action:

1. European Minardi and Jordan Grand Prix to be paid the agreed January 15, 2003 moneys immediately and without condition
2. The GPWC to honour its commitment to the independent teams on engine supplies for the 2004 season, and beyond
3. Should there be significant, and helpful, movement on these points, Stoddart indicated that European Minardi might reconsider its position.