Pollock sets up CART team

The team, named PK Racing, is a joint venture between Pollock and Kalkhovan, although the businessman will not be involved in the day-to-day running of the squad. No decision on a driver has yet been made, but the team hopes to make an announcement shortly.

"This has all come together very quickly," said Pollock. "The timing is perfect, because CART is in the process of reinforcing its organisation and priorities, and has done a tremendous job in that regard over the last few months.

"The fact that all CART teams will be running with the same engine this season will make the start-up a bit easier for us because it's a level playing field for everyone. If we do our jobs well, we should be able to field a competitive team. But we're going to make sure that we walk before we run."

Kalkhoven said: "My interest in life is building businesses, and I regard PK Racing as a business. Craig and I have had the opportunity to discuss the business of racing quite frequently over the year, and I'm pleased that we are able to join forces in fielding a team in the CART series."

Pollock was the driving force behind the BAR team, and acted as team principal for the squad from 1999 until he was ousted prior to the start of last season. He is also BAR driver Jacques Villeneuve's manager. Pollock confirmed that the Canadian has no involvement in the team, but said that he was "very supportive" of the venture.