Under the plans, Williams will design the cars whilst MSV, which owns and operates five circuits in the UK and has run the Formula Palmer Audi series for the last 11 years, will supply chassis and engines as well as acting as a promoter for the series that will replace the far more expensive GP2 championship from next season. In addition, the cars will use a turbocharged 1.8-litre Audi engine and be built to Formula One-level safety standards. The first prototype car is due to make its testing debut in November of this year.
FIA president, Max Mosley, said: "The objective is to make top-level international single-seater racing available to drivers who at present have difficulty in raising enough money to demonstrate their talent. Formula One and other major championships will benefit by being able to draw on a far larger pool of drivers, while competitors from countries which do not yet have an established motor racing structure will find it easier to make progress. We hope to reveal talent that might otherwise never have emerged and we look forward to seeing drivers coming into Formula One with super-licences gained in Formula Two."
The championship is set to start in May 2009 and will comprise 16 races over eight events. Performance levels have been designed to fit in between F3 and F1, with the FIA giving assurances that the cost per driver will be less than €250,000 - compared with GP2's estimated €1.5 million - to enable those without substantial backing to compete.
