New team confirms F1 plans

The team, which will be known as Midland F1, made its announcement at Suzuka on Friday and is set to be the first new grand prix team since Toyota entered the category in 2002.

Midland's co-founder and chairman Alexander Shnaider believes that an F1 entry was only natural for his company and ruled out the possibility of buying another team to fast-track his plans.

"Midland's involvement is market driven and so is the determination to build a team from scratch as opposed to buying an existing one," he said. "Midland Group is an investment company, and by creating a new team we are creating value."

Although Shnaider is Canadian, he has a Russian heritage and wants the team to exploit the spirit of the Eastern European country - possibly with a Russian driver.

"Of course the team will have a Russian flavour and in time we hope to bring a Russian driver into F1. Midland is deeply rooted in Russia and the Commonwealth of Independent States and we are certain that, via F1, mutually beneficial relationships and businesses can be created as most international companies recognize that they must enter these markets."

Shnaider has also moved to erase any speculation that his company does not have the financial might to enter F1 and be competitive - even though rising costs were behind Ford's decision to pull the plug on its Jaguar operation.

"Midland is prepared to fund the development of the team entirely, but our unique position will help us attract sponsors," he said.