Walter Wolf, the oil magnate who owned and operated a Formula 1 team in the 1970's is looking to return to F1 again.

Unlike his previous attempt (where the team won the first race they entered), Wolf intends to buy an existing team and bring it from it's current position to the front of the field. Wolf has targeted Minardi as the best team for his purposes but he feels both Sauber and Jordan could be for sale for the right price. Minardi is said to be available for around £11 million and Walter has said that if he bought Minardi he would relocate the team to England as it is the only place to be if a team is to succeed in contempory F1 (working from the UK is also significantly cheaper).

Wolf expects to be in a position to make a formal announcement before the end of the year.

Eddie Jordan has strongly denied the rumours that he will sell his team to Honda or anyone else. "I'm not looking for mercy. We seem to have gone backwards from where we were last year. This isn't good enough and things have to be done. It will be very painful and I'm not ashamed of that. You can be sure I'm kicking bums here. I fight best when my back is to the wall, but there is no quick fix to this. It is difficult to be up-beat in circumstances like this, especially when you put your life and soul into it. We all do - the whole team. But I am the team leader and I must try to give some encouragement because everyone needs to be motivated again. People are down and I have to pull them back up. One of the main objectives at the moment is make them believe in themselves again and I want people to know that their hard work will eventually pay off. I think we will have to go through some pain before things get any better. We need to do a lot of thinking and I know there has to be some changes because we need to become competitive as soon as we can."