New team confirms F1 plans

An international trading and investment company has confirmed that it plans to enter Formula 1 in 2006 with a Dallara-built chassis, ending weeks of speculation about who the backers of the project are

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.

shares
comments
Friday Second Free Practice - Japanese GP

Previous article

Friday Second Free Practice - Japanese GP

Next article

Officials Discuss Qualifying Cancellation Plans

Officials Discuss Qualifying Cancellation Plans
Load comments
Hamilton at 100 wins: In his adversaries’ words Plus

Hamilton at 100 wins: In his adversaries’ words

Some 18 drivers have finished runner-up to Lewis Hamilton on his way to 100 wins. Three of those recall their battles with Formula 1’s centurion and give their personal insights into the seven-time world champion on his rise to unchartered territory

Russian Grand Prix Driver Ratings Plus

Russian Grand Prix Driver Ratings

The 2021 Russian GP was decided by late-arriving rain that allowed some to climb and caused others to plummet. But the events which played out beforehand are equally significant when considering the all-important driver ratings

How Mercedes made the “blind faith” call that won Hamilton his 100 milestone at Sochi Plus

How Mercedes made the “blind faith” call that won Hamilton his 100 milestone at Sochi

Until rain turned the Russian Grand Prix on its head in the closing stages, Lando Norris was set to convert his first Formula 1 pole position into a maiden win. But having recovered well from being shuffled back at the start, Hamilton and his Mercedes team called the changing conditions spot-on for a landmark 100th F1 victory

Why momentum is again behind Australia’s aces Plus

Why momentum is again behind Australia’s aces

At the Italian Grand Prix Daniel Ricciardo turned around a troubled F1 season and, in F2, Oscar Piastri demonstrated once again that he is a potential star of the future. BEN EDWARDS weighs up the prospects of F1 having two Australian stars

Formula 1
Sep 26, 2021
The tough balancing act facing Schumacher’s Netflix film producers Plus

The tough balancing act facing Schumacher’s Netflix film producers

Michael Schumacher is the latest sporting superstar to get the ‘Netflix treatment’, with a special documentary film airing on the US streaming giant’s platform this month. DAMIEN SMITH has the inside track on how the filmmakers gained access to tell the human story behind one of Formula 1’s most publicity-shy champions - while the man himself, for obvious reasons, is in absentia… 

Formula 1
Sep 25, 2021
The times that suggest Verstappen should be confident of F1 Russian GP recovery Plus

The times that suggest Verstappen should be confident of F1 Russian GP recovery

For the second race in a row, Mercedes has ended the first day of track action on top. It’s in a commanding position at the Russian Grand Prix once again – this time largely thanks to Max Verstappen’s upcoming engine-change grid penalty. But there’s plenty to suggest all hope is not lost for the championship leader at Sochi

Formula 1
Sep 24, 2021
The ‘backwards step’ that is the right move for Formula 1 Plus

The ‘backwards step’ that is the right move for Formula 1

OPINION: With its days apparently numbered, the MGU-H looks set to be dropped from Formula 1’s future engine rules in order to entice new manufacturers in. While it may appear a change of direction, the benefits for teams and fans could make the decision a worthwhile call

Formula 1
Sep 23, 2021
The floundering fortunes of F1’s many Lotus reboots Plus

The floundering fortunes of F1’s many Lotus reboots

Team Lotus ceased to exist in 1994 - and yet various parties have been trying to resurrect the hallowed name, in increasingly unrecognisable forms, ever since. DAMIEN SMITH brings GP Racing’s history of the legendary team to an end with a look at those who sought to keep the flame alive in Formula 1

Formula 1
Sep 22, 2021