Gascoyne goes back to his roots

"It's a different type of challenge, different goals," he told Reuters after the team announced at the weekend that he was joining with the grandiose title of Chief Technology Officer.

"You're not going to sit here and say that in three years we are going to challenge for the world title because that blatantly is not going to happen," he added.

"So it is a very different challenge, but for me it is one that probably goes back to my roots and where I am best at. It's the right challenge for me at this time in my career."

The Briton remains under contract to Toyota, who have spent more than $1 billion on Formula One since their debut in 2002 but have yet to win, until November 1.

One of Formula One's highest paid technical directors in his time at Toyota, Gascoyne said his new team would be more like the Jordan of old.

Russian-born Canadian billionaire Alex Shnaider bought Jordan last year and renamed it Midland before selling to Dutch sportscar maker Spyker at the weekend.

"Jordan, when it was running well, was a very lean and efficient operation and that's what we want this operation to be," Gascoyne said. 

"It's going to have to be, it's not got a budget that allows it to be anything else.

"It's a great challenge, it is a small team and a place I know pretty well because obviously I worked there and we won races. We had a lot of fun in 1999."

Gascoyne joined Jordan in 1998, after previously being a chief designer at now-defunct Tyrrell, and was responsible for the 1999 car that won two races. He joined Renault for 2001.

Midland have yet to score a point this year, while Jordan struggled in 2005 after almost going under in 2004.

Gascoyne was confident Spyker could be competitive, particularly with new regulations in 2008 that could level the playing field.

"It can improve, it has owners that want to move it forward and turn it into a good midfield outfit," he said.

"I'm not going to start until Nov 1, so I think the start of next year will be pretty difficult again, but obviously we will be looking to improve the team as soon as possible.

"We need to be ready so that we can make an impact (in 2008)... I don't think you can expect too many results at the start of next year."

Gascoyne said the team would remain Silverstone-based and current technical director James Key would retain his title.

"It will be a chance for him to learn from me how to do his job and become a better technical director in F1 so I think he views it very positively," he said.

Gascoyne, who left Toyota in April, said he was eager to return to work.

"Initially you've been under pressure and you're relieved just to have a break," he said.

"Then I went through a period of thinking I don't particularly want to come back, I'm relaxed and enjoying myself. And then you come out of that, and you are sitting there watching the races and the fire re-lights.

"That certainly happened to me over the last month."