Tuesday 15 April at 11:00 : Toro Rosso co-owner Gerhard Berger is this week in Kuwait, the Middle Eastern state, to explore establishing a Kuwaiti formula one team, according to local reports.

Less than a month after Red Bull magnate Dietrich Mateschitz declared that his 50 per cent share of the Faenza based squad is for sale, the Arab Times newspaper reveals that Berger was invited by Anwar Bukhamseen, the wealthy president of the Kuwait International Automobile Club.

"I see great potential, and I am hopeful that one day we can develop a team," Austrian Berger said in a news conference on Monday.

Berger will reportedly make more visits to Kuwait, which borders Iraq and has the world's fifth largest oil reserves, in the next few months.

He said it is more important for Kuwait to buy into a team than to build a circuit and bid to host a grand prix.

"If there is a team in the country, you are in action every fourteen days," he said, adding that his talks are only in the initial stages.

"There is a chance for development. I am expecting to meet more Kuwaiti businessmen who are willing to be part of this project to develop motor sport in Kuwait," Berger added.