Minardi had competed in Formula One from 1985 to 2005. Minardi had a large fan base, but they were one of the least competitive teams in the sport. The main reason for their lack of performance was a relatively small budget. Minardi owner Paul Stoddart said he had 41 offers to buy the team. Stoddart preferred to sell the team to someone who could "take it further" than he could. He also wanted an owner who would maintain the team in its traditional base in Italy. The terms of the deal with Red Bull included a requirement that the team must keep in Faenza, Italy until at least the season.