'People are raising 100 million for rebirth of A1GP'

Several people are raising 100 million to fund the rebirth of A1GP, Sky News reports. The British medium has learnt that big names from the sports and business world are trying to find investors to secure funding so that the series - last held in 2008-2009 - can be relaunched by the end of next year.

According to Sky sources, several wealthy investment funds and individuals have already expressed interest in funding the project. If the fundraising is successful, 20 teams from countries around the world will compete in the World Cup of Motorsport, with each driver driving one particular car.

The vehicles can go around 350 kilometres per hour, making A1GP the fastest motorsport series in the world after Formula 1. With growing concerns about the environmental impact of top-level sports in mind, the cars would be designed to run on renewable fuel. This racing class was initially conceived as a counterpart to Formula 1.

The project is being led by a team including Marcin Budkowski, former team boss of the Alpine F1 team and former director of the FIA. It is also in partnership with Origin Sports Group, founded by Sir Keith Mills.