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$1.5 Million!!! Is it me or does that sound low. I would have thought that even 17 cars would have attracted more.LONDON (Reuters) - Minardi has raised $1.5 million (770,000 pounds) through an auction of old Formula One cars and memorabilia last month, team boss Paul Stoddart says.
The Australian said on Monday the money would go towards the struggling team's 2005 car.
Stoddart had put his collection of old cars from various teams and surplus merchandise accumulated over the years up for sale but much of it failed to meet reserve prices.
He said only 30 percent of what was on offer, and just 17 of the 39 cars, were sold.
Minardi scored one point in 2004, a considerable achievement for a tail-end team repeatedly lapped during races, with Hungarian Zsolt Baumgartner finishing eighth at Indianapolis.
"I hope to have Zsolt back in the car in 2005 but it's all subject to commercial decisions," Stoddart told Reuters after a meeting of team bosses in London.
"There's no point beating about the bush, it's going to come down to budget."