There will be a new F1 team on the grid in 2014, AUTOSPORT reports.
"Dupont F1" claims to have the funding in place to match its ambitious aims of challenging the established race winners. The team has been carrying out a stealthy recruitment campaign of top technical personnel over the past six months. AUTOSPORT reports that about 20 staff members are already on board and the team is expanding fast with a full design team expected to be in place by October 2013.
The project is spearheaded by Vincent Dupont, a 50-year-old French businessman and entrepreneur from the cosmetics and luxury brand industry. Dupont F1 is believed to be in the final stages of negotiation with a major supercar manufacturer to become a partner in the team. It also has the backing of a significant telecom company.
The driver lineup is tipped to feature a former World Champion and a promising rookie.
Dupont F1 intends to register as a French team, but it is currently evaluating locations for a suitable base in the UK.
Presentation of the Dupont F1 team is due to take place online at www.dupontf1.com at 11.55am (BST) today (Monday 1 April).