Indianapolis, IN (My Sportsbook) - Paul Stoddart will bring his knowledge and experience from Formula One to the Champ Car Series in 2007. The Australian businessman has bought a controlling interest in CTE Racing - HVM.

The team will be known as Minardi Team USA and will name its drivers at a later date.

"After taking a year off from motor racing following the sale of Minardi (F1), we've had a chance to consider our options and examine how we might want to be involved with the sport in the future," says Stoddart.

"After a lot of deliberation, we've come to the conclusion that Champ Car, with its blend of highly competitive, cost-effective racing and relatively level playing field, offers easily the best way forward."

Stoddart bought the Minardi F1 team from Gabriele Rumi in 2001, but the team struggled to compete with the likes of Ferrari and McLaren. In September 2005 he sold the team to Red Bull Racing.

In 2006, CTE Racing - HVM scored one win and collected 16 top-10s. The win came in Australia where Nelson Philippe grabbed the top prize. Philippe finished fourth overall, 156 points behind winner Sebastien Bourdais. The team's other driver Dan Clarke finished 12th in the standings.