Italian Formula 1 team Minardi, recently bought by the Austrian-owned Red Bull drink company, was given a new name and a new racing chief on Tuesday . Minardi, sold by Australian owner Paul Stoddart in September, will be from now on be called Toro Rosso, which is Italian for Red Bull .


Red Bull owner Dieter Mateschitz has brought in fellow Austrian Franz Tost to direct racing operations. Tost, 49, has in the past driven in the Formula Ford and Formula 3 motorracing categories .

The new chief has spent the last six years working for BMW's Formula 1 team as a logistics and track operations manager. He also managed Ralf Schumacher in Japan before moving into Formula 1 with him in 1997 .

The transformation into Toro Rosso marks the end of Minardi's 20-year run in Formula 1. Founded in 1985 by Giancarlo Minardi, the team raced in 340 grand prix, never threatening the supremacy of rivals like McLaren and Ferrari but becoming one of the longest lasting participants in the sport .

Toro Rosso's two drivers for next year are expected to be Italian Vitantonio Liuzzi and American Scott Speed .

Paul Stoddart, who has been with Minardi for many years, is reportedly to take a role in managing the new-named team .

Few other details of the new team have been released .

Technicians from the Faenza-based Minardi recently went to Milton Keynes in the UK, headquarters of Red Bull, to examine some of the equipment which will be used to make the 2006 car .