Formula One has a chequered past when it comes to magazines. Sales of the UK edition of monthly title F1 Racing have slipped by 12,004 since 2007 when its former editor Matt Bishop left to become McLaren's communications chief.

Its sister publication Autosport has faced even more severe problems as its sales have almost halved over the past decade falling every year over the period. F1 had an official magazine but this bit the dust in 2004 when Bernie Ecclestone realised that publishing was not for him. Another magazine called The Paddock has been around for the past four years but never came close to its potential. It is now giving it another go with more gusto than before.

The Paddock launched in early 2007 with Pitpass' business editor Chris Sylt and his colleague Caroline Reid at the helm. However, after a few issues it became clear that the magazine didn't have the resources to live up to its billing of getting behind the scenes of the motorsport industry. As a result of these limitations Sylt and Reid took their talents elsewhere and set up Formula Money which has since become the default industry monitor for F1.

With a new owner behind it Sylt and Reid have now returned to The Paddock and haven't just relaunched the magazine this month but created one so different to its predecessor that the only real similarity is the name. The most immediate difference is the new look which comes courtesy of Stewart Wheeler, former designer of Ecclestone's F1 Magazine. However, under the hood even bigger changes have been made.

Previous editorial incumbents have been dropped by the magazine's management with Sylt and Reid now joined by Richard Lofthouse. He cut his teeth writing for Ecclestone's business magazine EuroBusiness before moving on to edit CNBC European Business magazine for the past five years.

Anyone who read The Paddock over the past few years may have been put off by overblown historical pieces and lifestyle waffle about private planes and yachts. That has all gone now and the magazine's focus is squarely on the business developments and money behind motorsport. That's not to say that there isn't a lifestyle section but everything seems to be there for a reason.

The pages of flashy new products all come from F1 sponsors and are accompanied by articles revealing how they are used in or influenced by the sport. There's a travel piece about Orlando but reading it reveals that it is focussed on an interview Sylt has done with Rubens Barrichello about why it is his favourite holiday destination. Peter Sauber tells how he spends his money (he doesn't play the lottery and he doesn't gamble) and the back page gives a fascinating insight into MotoGP's seat of power with a series of photos showing the office of its chief executive Carmelo Ezpeleta.

The features pack quite a punch with the cover story being an exclusive interview with Red Bull founder Dietrich Mateschitz revealing that Red Bull Racing could take on a title sponsor. Another charts the rise and fall of Michael Schumacher and there is also the first ever breakdown of MotoGP's owners and finances showing that the series has revenues of £147.2m with the British GP making £3.4m for Donington last year.

Those working in the sport will no doubt be interested to read the detailed analysis of how F1 sponsors DHL and Hilton create their F1-themed advertising and how it varies internationally. There is also data aplenty. A report compares the sponsorship strategies of oil companies involved with series including F1, WRC, MotoGP and American Le Mans. Smaller pieces cover areas such as how F1 team facilities are used by other industries, Dave Richards' best and worst decisions and the extent of Autosport's sales slump.

In fairness, Pitpass should also state that its very own editor Chris Balfe is one of the magazine's new columnists alongside Sylt, TAG Heuer chief executive Jean-Christophe Babin, F1 technical expert Graham Mitchell, motorsport lawyer Jonathan Lux and Deloitte's head of treasury and capital markets Mike Lloyd.

Pitpass is using its links with the magazine to bring its readers an offer of a free copy by clicking on this link. There's no obligation to subscribe so it's a good way to see whether the magazine is a cut above the rest or whether there is still some way to go.