THE Minardi team is expecting to raise £2 million with a massive sale of Formula 1 racing cars and goods, des-cribed as Ledbury's biggest ever auction.

Around 4,000 items are expected to go under the hammer at the sale at European Aviation, where the team has had its UK base, from November 18-20.

Team principal Paul Stoddart said Minardi was closing its Ledbury operation and concentrating its efforts in Italy. It wants to offload unwanted stock, including half of its Formula 1 car collection.

"This will be the biggest auction that Ledbury has ever seen," said Mr Stoddart, who also owns European Aviation, the operation of which is unaffected by Minardi changes.

Racing cars are expected to sell upwards to £100,000, although that is far short of the cost of a new car, almost £2m.

Mr Stoddart said: "It's a massive tidy-up of stuff we have no use for but it's dream memorabilia.

"This group of cars, which has been built up over the last ten years, is possibly one of the most significant modern F1 collections ever offered.

"It contains most of the assets of the former Tyrrell and Arrows teams, as well as a wealth of other cars, engines and F1 spares."

London-based auctioneers Bache Treharne will handle the auction, which can also be followed on the web.

Auctioneer Chris Hall said: "We are receiving interest from all areas, from rival teams and corporate hospitality companies, to enthusiasts and collectors. The huge selection of Minardi, Arrows, Jordan, Tyrell, Benetton, British American Racing and Brabham cars and branded memorabilia means there will be something for all F1 fans."

The company is planning a pre-auction photo shoot with F1 cars at the Parkway Garage, on the Gloucester Road, which is owned by European Aviation, now known as European Skybus Ltd, on a date to be fixed.