Virgin vs Lotus: it's going to be a drag race!

Sir Richard Branson has a lot riding on next year's Formula One season. If his new team fails to beat Lotus, the famous entrepreneur is prepared to dress up as an air hostess.

This morning Virgin announced the worst kept secret in F1; that they have climbed on the back of Manor Grand Prix's entry, and will compete as Virgin Racing next year.

Lotus team principal Tony Fernandes has already laid down the gauntlet, saying that if Lotus don't beat their fellow newcomers he will retire and kill himself! Fernandes and Branson have a friendly rivalry, the Malaysian businessman having worked for Virgin records before, like Sir Richard, starting his own successful airline - Air Asia.

"I hope he doesn't have to kill himself... maybe we should think of another challenge," said Branson, speaking at the launch event near his home in Notting Hill, London. "He has an airline, we have an airline, and if we beat him he can come and work for us as a Virgin stewardess. That will save him from killing himself. And I suspect if he wins he'll ask me to reciprocate. I'll have to check out how fetching his stewardess outfits are. I'll be game to do it!"

Virgin announced the team's drivers will be Timo Glock and former Renault tester Lucas di Grassi. The two were sparring partners in the GP2 and promise to race "hard but fair".

Virgin's factory will be based at Manor headquarters in Sheffield, home to the team's most important member, 'Bertha the tea pot'. Timo and Lucas will be forced to share garage space with the five litre mascot. "Yorkshiremen live for their tea," explains sporting director and staunch Yorkshireman John Booth.

The drivers have already been taught the meaning of "fancy a brew", and that the correct response is "aye lad".