Apax Gives Prodrive F1 Potential.

Prodrive's move into Formula One took another step towards reality over the weekend, with the announcement that venture capital specialist Apax has taken a 49 per cent stake in the company.


According to Prodrive boss David Richards, the engineering company will now be able to build on its motorsport activities - which currently include running the Subaru World Rally team and the Ford touring car outfit - and, hopefully, move into Formula One in the near future. Prodrive currently realises an annual profit of $5.1million and could be floated on the stock market in the next three years.


The Apax investment is believed to have released ?37million for Prodrive to invest in future racing projects, and the team could now feasibly buy into one of the tail-end teams on the Formula One grid. Speaking from the headquarters of this year's Rally of Great Britain, Ruthin-born Richards admitted that a buy-out was currently his only option as far as an F1 entry was concerned, but confirmed that grand prix participation was a definite goal for his company.


"We are looking to expand our interests, and it is no secret that we have been looking at Formula One," he said, "We would have to acquire one of the teams, however, and there are three or four which fit the criteria."


Although the one-time Benetton team boss refused to name names, his targets are thought to include the struggling Arrows and Minardi outfits, but may also take into account his former employer.


Richards also hinted, however, that his goals may not start and finish with Formula One, but expand overseas and into some of the lower motorsport ranks as well.


"If we put the right business plans together, the opportunities are not infinite but vast," he said, "Getting into Formula One is one of the obvious things we could do relatively quickly, but we also have to look past our own backyard into America and other countries. We need to have a global base for our activities, so one has to look at [the likes of] NASCAR in the USA, superbikes and touring cars.


"With Apax behind us, we can now unleash our full potential in the motorsport world, and also expand our road car engineering. Prodrive will be seen in new places and in a new light."

Apax, too, intimated that it was looking to bolster its motorsport portfolio with interests in other formulae, with director Tim Wright telling The Daily Telegraph that, while F1 was a natural target, 'there are lots of other smaller formulas [sic] that are under exploited'