Whilst most of the F1 world seems to have gone into hibernation at the moment with news thin on the ground, a new magazine has seized the opportunity to launch.

Simply entitled The Paddock, the 100-page glossy monthly business lifestyle magazine looks like it might give Tom Rubython's BusinessF1 a run for its money.

Edited by specialist Formula One business reporters and Pitpass contributors Christian Sylt and Caroline Reid, the first issue has on its cover a picture of an F1 car climbing the sport's "debt mountain". More to the point the cover story contains probably the most revealing diagram of Formula One company structure ever produced in the press, carefully pieced together from offshore records.

Its exclusive news also reveals how Bernie Ecclestone's private company is registering a flashy trademark bearing the word GP3, as reported by Pitpass yesterday, and how the embattled GP Masters series has taken the unusual step of getting a $410,000 mortgage out on its cars.

One of the magazine's aims is to build greater links between the worlds of business and motorsport. In the launch issue there is a detailed comparison of the finances of all the UK F1 teams as well as one of the first ever satisfaction surveys of their sponsors, which reveals that while the sport's image has attracted many of the big brands its cost effectiveness has room for improvement.

One story which is sure to bring some smiles to the teams in their quiet period is that of McLaren's "£895m error".

In its 2005 accounts the team listed a mysterious £895m acquisition from its 40% owner DaimlerChrysler. It turns out that three extra zeroes had slipped in and the team had splashed out a mere £895,000.

To find out more about the magazine, visit its website, thepaddockmagazine.com