Alex Shnaider, the man behind Midland F1, one of two new teams due to enter the world championship in 2006, has admitted that he has not ruled out purchasing the Jaguar F1 team and engine builder Cosworth.

With the season almost at an end, and with the clock ticking, time is running out for Jaguar, if the Milton Keynes outfit is to secure an entry in the 2005 world championship.

"I would buy Cosworth in conjunction with Jaguar," Shnaider told Autosport magazine. "Our number-one choice is to build a team from scratch, but if there's an interesting situation that could arise within Jaguar and Cosworth we would consider buying it."

It has already been revealed that the Russian-born Canadian has contracted Dallara to build his 2006 car, with F3 boss Trevor Carlin due to run the operation.

The news that Midland F1 intends building its own operation from scratch, rather than purchasing Jaguar, or even Jordan, took many F1 insiders by surprise.

"We are considering a number of possibilities," added Shnaider, "which we will pursue after the Brazilian GP when the teams are a little more relaxed and we are able to make an engine deal.

"Cosworth was a possibility before Ford pulled out and it still is a possibility if the ownership situation is clarified."