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William Orbit (1956)

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Chairman Tony Teixeira has announced that Italian manufacturer Ferrari will design and build the engines for the 2008-09 season and the confirmed A1GP season. They will also be involved in the design of the new chassis for both, however it will not be built by them. A six-year agreement was confirmed. The partnership with Ferrari extends to an exclusive licensing agreement for all A1GP merchandise to use the Ferrari name and phrase ‘Powered by Ferrari’ from January 2008.

Ferrari involvement will ease some of the concerns regarding A1GP's ongoing financial viability and the continued input of existing backers. Teixeira reported a USD 212 million loss for the initial season, with A1GP officials announcing a debt financing initiative and an initial public offering backed by the Nomura Group and RAB Capital hoping to finance both the initial debt and the 2005-06 season loss.