Richards welcomes new challenge

Richards, who gained experience of running a Formula One team while being team principal of Benetton in 1998 and BAR-Honda from 2002 to 2004, has admitted that Prodrive are going to face a tough time gearing up to their new challenge.

"An entry is just the beginning," he said. "We now have less than two years to build a team and put two competitive cars on the starting grid for the first race of the 2008 championship. 

"The task is enormous and the expertise and experience of the established teams well recognised. However, we have more than 20 years of motorsport experience and all of us relish a challenge."

Prodrive have already announced plans to run their F1 operation out of a new factory that they are hoping to build at Honiley in Warwickshire.

Work on that project is expected to begin early next year, once planning permission has been granted, but in the meantime the team will be based at their current Banbury facility.

Richards is confident that new cost-cutting regulations due to be introduced in 2008 will allow his team to make an immediate impression.

"We are confident that the new regulations will not only allow Prodrive to be competitive on an affordable budget, but will also make Formula One more exciting and, ultimately, even more entertaining for spectators and TV audiences around the world."

FIA president Max Mosley claimed that Prodrive's achievements in motorsport, allied to Richards' experience, were key factors in them deciding that the company should be granted the 12th slot in 2008.

"Prodrive have the best combination of financial backing, technical capability and motor sport experience and are well known to the FIA through their participation in the World Rally Championship," said Mosley.

"Also, Prodrive's chief executive, David Richards, has experience as a Formula One team principal."

Richards believed it was only right that his company moved into F1 after successes in other areas of motorsport.

"This is wonderful news for everyone in the company," he added. "We have won World Rally Championships, British Touring Car titles and the GT1 class at Le Mans, and have been saying for some time that we would also like to be in Formula One with our own Prodrive team. We are now one step closer."

Prodrive have already held preliminary talks with Cosworth about an engine supply deal for 2008.