FORMER world drivers' champion Jackie Stewart yesterday launched a £400 million bid to fulfil his dream of returning to the summit of Formula One.
Two decades after, capturing the title for a third time, Stewart's return was confirmed when a five year exclusive engines deal with Ford was officially announced in Detroit.
The Scot will act as figurehead of newly formed Stewart Grand Prix, who will make their debut in the 1997 season in an attempt to smash the big four monopoly in Grand Prix racing.
"I have not lost the feel, I have not lost the passion for Formula One," said Stewart, who retired after winning his third title in a Ford powered car in 1973.
"Now is the time to go back in. If you do it, too early it can be extraordinarily expensive and cost you a lot of money. The time now just happened to dovetail nicely with Ford's programme for the future."
Stewart's continuation of his 31 year relationship with Ford has seen the American car giant backing him to the tune of an engines deal that will cost them around £200 million over the five years.
But he realises he will need to double that, in other sponsorship deals if he is to challenge the likes of Williams, McLaren, Ferrari and Benetton.
"The starting cost will be around £15, million, that's excluding engines rising up from £27.5 to £30 million per annum. But if you look at the top Formula One team's they are looking more towards £30-£40 million to get what they want out of it and to keep up with the constantly changing technical side.
Multi millionaire Stewart said he would be looking to find the money from a world wide network of sponsors or partners. I think we are going to illustrate a new way, of doing business in sport and in particular Grand Prix motor racing.
"The biggest single most important thing is the financial structure - that will allow us to meet, the technical and personal requirements we need to be as competitive as possible.
"It would be naive of us to expect to come in and be a front runner straight away. Formula One is by, far the most competitive and highly technical business in motor racing. It took Frank Williams 10 years to get where he is, added Stewart, who will be 57 in June. "I hope it will take us less.
"I know I will be putting my reputation on the line, but we will be doing the best job we can. I am not just here for the beer."
Stweart said they would not be looking at what drivers they wait until July but Damon Hill, David Coulthard, Heinz, Harald Frentzen and possibly Nigel Mansell will be among the front runners.
The plan is to partner an experienced driver with a young graduate, from the Paul Stewart Racing team run by his son Paul, aged 30, who will be managing director of Stewart Grand Prix.
Coulthard, who begins his first year with McLaren this season, is just one of several drivers to have emerged from the Paul Stweart Racing staircase of talent that also includes Gil de Ferran, the Indy Car, Rookie of the Year.
A technical director has already been appointed - although his name is not being revealed because he is still under contract.
The team will move into new purpose built accommodation in 1998. Until then they will be based in the present home of Paul Stweart Racing in Milton Keynes and will contract out the design and manufacture of components.
Bernie Ecclestone, head of the Formula, One Constructors Association, said yesterday that he was delighted the Grand Prix world, would be welcoming a new team in 1997.
"I know that Jackie will conduct his race team in the same professional way that he had as three times World Drivers' Champion and his contacts with the numerous international companies that he is involved with on a world wide basis.
