| 7.8°C Belfast

Romanian investors eyeing up Formula One development

Formula One could be about to see an era of mass investment from eastern Europe's growing billionnaires, with the news that a new team from Romania will be joining the sport over the next two years.

The arrival of Forza Rossa, revealed in documents filed at London's High Court, confirms what many had long suspected: that it was only a matter of time before one of the world's most glamorous and lavish sports attracted the attention of eastern Europe's super-rich.

The new team is the third stage of the sport's drive into that part of the world, following the inaugural Russian Grand Prix earlier this month and the recent decision to host a race from 2016 in the oil-rich country of Azerbaijan.

It will also help to fill Formula One's ranks, which have been under increasing threat over the past week after two of its worst performers, Caterham and Marussia, have collapsed into administration and will miss this weekend's United States Grand Prix in Texas.

Romania has racing heritage as a round of the GT sportscar championship was held on the streets of its capital Bucharest in 2007 and 2008.

The country does not yet have a Formula One race but Forza Rossa could be the springboard for this as it was in India, which hosted its first grand prix in 2011, three years after the debut of the Force India F1 team.

Belfast Telegraph