Prodrive set to buy into Formula One

He claims the move will enable the firm to expand its motorsport activities, which currently include the World Rally Championship and the British Touring Car Championship.

'With Apax behind us we can now unleash our full potential in the motorsport world, and also expand our road car engineering.

'Prodrive will be seen in new places, and in a new light.'

The financial security Apax will bring, should enable Prodrive to make a move into grand prix racing.

Richards admitted earlier this week that the company is poised to enter the sport.

However, as Toyota is believed to have secured the final 12th spot on the grid, buying an existing team would be the only option for Richards' outfit.

'We are now ready to move at very short notice should the situation arise,' Richards told Autosport magazine.