BAR launch: Richards confirmed

Richards, who has taken a step back from his role as commercial rights holder of the World Rally Championship, will take over as team principal with immediate effect. He says there will be no immediate changes to the team's line-up, but has not ruled out making changes before the start of next season.

"With today's announcements BAR can move forward with a secure future based on strong partnerships," said Richards. "For my part I will be carefully assessing the situation over the next month before making any necessary changes.

"I had been in talks with BAT for some time but it has only been in the last 10 days that the circumstances have come together," he added. "I come with a clear track record of success but F1 is a changing world. You cannot just come in as one individual and make a staggering difference. I had a year as Benetton boss which is a long time in F1 and I came away understanding what you need for success.

"I will be 50 on my next birthday, and I was planning on taking a sabbatical, now this will take my principle effort in the near and medium term."

Honda announced at the launch that it has reached agreement for a new three-year partnership through its involvement in the BAR's chassis programme.

Honda's head of racing technology development Toru Ogawa said: "We would like to thank Craig Pollock for all his support and effort over the past two years. We also wish David Richards every success in his new position. For 2002 we introduce a brand new engine, the RA002E, and on the chassis side we are strengthening our commitment with our new long-term agreement with BAR."

The team also revealed the Malcolm Oastler-designed BAR 004, which will be powered by an all-new version of Honda's RA002E engine that features improved power and packaging. Bridgestone, meanwhile, has also signed a long-term partnership with BAR to supply tyres.

Test drivers Darren Manning, Patrick Lemarie and Anthony Davidson have also been confirmed, while its line-up has been bolstered by French F3 champion Ryo Fukuda.