Formula One News — October 1998

THE confirmation that Pedro Diniz is to drive for Sauber in 1999 means that almost all of the F1 seats are now settled with the exception of the second drives at Minardi, Arrows and British American Racing.

THE announcement that Pedro Diniz is to join Sauber is bad news for the Swiss team's test driver Jorg Muller, who had been hoping to get the seat alongside Jean Alesi.

ALAIN PROST is expected to announce this week that he has signed a deal to work with British designer John Barnard on the design and development of the Prost-Peugeot AP02 and its successors.

OLIVIER GENDEBIEN, who died on Friday at the age of 74 at his home in Baux de Provence, led a life which if written in a novel would barely be believed.

MICHAEL SCHUMACHER gave himself and Ferrari a psychological boost by setting the fastest times during last week's three days of testing at Barcelona.

THE chairman of Renault Louis Schweitzer told a French radio station last week that the company would like to return to Formula 1 at some point in the future, but added that any racing comeback is still some years away and would be dependent on Renault having a highly-competitive engine package.

AS Tom Walkinshaw tries to wheel and deal himself to a major sponsorship deal with British American Tobacco we hear that one of the men who is closest to the top of his list of drivers for next year is Toranosuke Takagi.

THERE continue to be strong rumors in Formula 1 circles that Benetton Formula's managing-director David Richards may be leaving the team if the deal being discussed between Benetton and the Ford Motor Company does not happen.

BERNIE ECCLESTONE is to borrow $2bn from financial institutions, offering bonds in Formula 1 racing. These will be secured by the future earnings from the sale of TV rights - which are now estimated to bring in around $300m a year. The bonds will be sold through a new FOH subsidiary Formula One Finance Ltd. and will be handled by Morgan Stanley Dean Witter.