Following the announcement that Dallara is to build an F1 car for Alex Shnaider and his Midland F1 team, the Russian has been explaining why he has chosen to enter the murky and dangerous waters of F1 team ownership, waters that have claimed many victims.

"Our research into coverage of different sports showed that only three events met our criteria for international exploitation," he told Reuters. "The Olympic Games, World Cup Soccer and Formula One.

"As the two others are quadrennial Formula One was the natural fit," he added.

"Midland is deeply rooted in Russia and the Commonwealth of Independent States," he continued, "and we are certain that, via Formula One, mutually beneficial relationships and businesses can be created as most international companies recognise that they must enter these markets.

"Of course the team will have a Russian flavour and in time we hope to bring a Russian driver into Formula One.

"We understand that basic survival in Formula One requires a budget of around $100 million per annum and we are prepared for that," he revealed, though many F1 insiders would argue that an annual budget of $100m is nothing these days

"Midland's involvement is market-driven," adds Shnaider. "And so is the determination to build a team from scratch as opposed to buying an existing one. Midland Group is an investment company, and by creating a new team we are creating value.

"Midland is prepared to fund the development of the team entirely, but our unique position will help us attract sponsors."