Hedge fund RAB Capital has bought a stake in the A1 Grand Prix. Philip Richards, the founder, has been known in the past for taking large positions in natural-resources firm. He has taken an 80% stake worth £100m.

As part of the deal A1's management will be restructured, they hired Peter Da Silva, a Brazilian-born motor-racing fanatic who has spent 20 years at Siemens, as chief executive.

Richards said A1, which was launched two years ago and pits nation against nation rather than team against team as in Formula One, represents an opportunity to make a lot of money in China. "Our focus has always been on western-owned and western-run companies that sell successfully to Asia.

"A1 fits with this. Motor racing is one of the fastest-growing sports in Asia, it is watched by both the elite and the masses. It is also the only single event that spans the region and so offers a unique advertising opportunity for global brands." Richards said.

"We've made a fortune selling natural resources, copper, zinc, coal and so on, to the Chinese. This is the same: we're selling motor racing to Asians, and with it the only event available for global brands to advertise across the continent in the context of a western company."

They make so many cars over there, I guess its only fair to start racing them, maybe there will be some real competition.