Theodore Racing concern evaluates return to Formula 1

Theodore founder Teddy Yip sponsored cars in F1 in the 1970s before fielding a series of his own chassis, firstly in '78 and lastly in '83.

His son Teddy Yip Jr is now team principal of GP2 Series team Status Grand Prix, and brought the Theodore Racing name back as a sponsor of Prema Powerteam at the Macau Grand Prix - with which his father's team was synonymous - beginning in 2013.

Alex Lynn took victory in Macau in Theodore colours that year, with Felix Rosenqvist taking the honours this season.

Status managing director David Kennedy, who won races in the 1979 British Formula 1 Championship in a Theodore-run Wolf, told Autosport: "If there are sensible opportunities it's worth evaluating what's available.

"Formula 1 is in such a state of turmoil at the moment, and if they can't manage it at the top end what's it going to be like at the bottom end?

"But we're just putting the pieces into place for a successful motorsport business.

"The Theodore legacy continues and it's still incredibly strong in Asia, and our brand has a high prestige value in China.

"In a few years since coming back with Teddy and Theodore we've been at the sharp end. Now we've started a junior programme in Asia, which can get to the younger generation, and the obvious follow-on is how high does this elevator go?

"In Asia the highest is Super Formula, then after Super Formula and GP2, you scratch your head and ask, 'What's next?'"

The Status GP-run Team Ireland won the 2008-09 A1GP title shortly after Yip became involved.

Status has been ever present in GP3 since that series started in 2010, although it withdrew at the end of this year, and contested the Le Mans 24 Hours in 2012/13.