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A made-in-China Formula One racing team like Ferrari or BMW-Williams?

That vision now seems achievable in the long term, with the establishment of Shangsai FRD Grandtour Tyre team yesterday.

The team aims to become the first in the country to join the F1 circuit, the world's most prestigious motor-racing event.

"The team's start up marks the first step in our efforts to more closely link Chinese racing sports to the international racing community behind F1," said Yu Zhifei, deputy general manager of Shanghai International Circuit Co (SIC).

SIC was set up last year to oversee the city's multi-billion-yuan construction of a 5.3-kilometre F1 race track as well as related commercial operations. Shanghai has signed a seven-year contract - starting next year - with the world's motorsport governing body to host F1.

According to an agreement signed yesterday, SIC will team up with Guangdong Province-based Formula Racing Development Ltd (FRD), which owns one of China's top-notch auto racing teams, and Singapore-based tyre manufacturing firm Grandtour Tyre to jointly operate the racing team.

Grandtour Tyre will provide sponsorship of up to 75 million yuan (US$9.07 million) over a three-year period for the team, according to Peter Wu, chairman of the company's China division.

While SIC will be responsible for marketing the new team, it will also work with FRD to cultivate China's most promising young drivers for future F1 races.

FRD presently owns events like the Asian Formula Renault Challenge and China Formula Campus. But young hopefuls will soon have more opportunities to compete in other racing tournaments in Asia and Europe.

Meanwhile, the three firms behind the new team will investigate what is needed in terms of funding, market resources and technology to develop a Chinese F1 team in the coming years.

"It'd be thrilling to see a Chinese thunder ahead at such a top motor racing event as F1," said Kenneth Ma, who started FRD.

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