A1GP boss still considering F1 move

The South African businessman has looked at bids for Spyker, Scuderia Toro Rosso and Honda Racing over the past two years, but is now edging towards starting a team from scratch.

He is looking at using land acquired near the Algarve Circuit in Portimao as a base for his A1GP Series - as well as for housing an F1 operation. The ambitious scheme could receive funding from the Portuguese government.

"I've bought 47,000 square metres at the Portimao circuit," Teixeira told autosport.com about his plans for relocating A1 GP. "I've bought that to put up a head office, an A1GP factory with 35 bays and an A2 factory, and restaurants, and the whole merchandising scene."

When asked about the possibility of basing an F1 team, Teixeira said: "The team that I've been looking at would be based (in Portugal) and backed by the Portuguese government.

"If this is going to be such an important racing centre, they have to have an F1 team to compete with. Otherwise it means nothing without F1...The idea is that eventually it could house an A1/F1 office."

Teixeira has also revealed that he had been in talks with Honda Racing as recently as the last fortnight about a takeover deal.

"I was one of the guys talking to Honda in the last two weeks," he said. "We had done a deal on Spyker, but I let Vijay (Mallya) take it....We then went to Toro Rosso in November and all the (other) teams said 'no customer boss' so I had to walk away.

"Today I'm in a completely different situation. I've built my own cars and designed my own chassis. I have my own factory. So I'm not a customer boss. I can now build my chassis and run with a Ferrari engine. I'm now the same as everyone else."

Teixeira said, however, that any involvement in Honda Racing was scuppered by the difficult financial conditions caused by a worldwide recession.

He added: "The only reason we want an F1 team is for the winners of A1 to go to F1. But, because of the times, I cannot commit myself to this year's budget."