Richard Branson moves into the Formula One fast lane

Branson held an official launch for the team in London yesterday. He later commented on the business venture through his online blog saying: “Our first year in Formula One was tremendous for the Virgin brand, so why not go in again with a new team from scratch? If you look at the history of Virgin we’ve loved supporting technical breakthroughs, great engineers, and there’s something like 120 engineers working away on this project.”

According to the Virgin entrepreneur, the team will be the lowest-budget team in Formula One, running on just under £40m a year. Branson comments: “Last year with Brawn, they started the season as a David and it ended as a Goliath. So we searched around for another great team, another David team. We have one and we will see how it goes… Money’s not everything.” 

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