Friday 26 June at 14:00 : Jun.26 (GMM) Sir Richard Branson has signed a deal to re-name the new formula one team Manor Grand Prix after his Virgin brand in 2010, Britain's BBC reports

The flamboyant billionaire said at Silverstone last weekend that he is unlikely to continue sponsoring Brawn GP next year, because the Brackley based championship leaders' value has skyrocketed

Before the former Honda team's immense success, Brandon had grand plans for Brawn, including full naming sponsorship and possibly the transfer of equity

Those plans, however, have reportedly been simply switched to the fledgling and more affordable 2010 entry Manor Grand Prix, the collaboration of boss John Booth's F3 outfit and former Simtek chief Nick Wirth

Along with the Virgin speculation, the BBC reports that another well known global brand will be involved with a new formula one team in 2010

Like Branson, YouTube co-founder American Chad Hurley was also at Silverstone, reportedly putting the finishing touches on a deal with the new US F1 team

As the Team US F1 plans speed along, team co-founder Peter Windsor was stepped down from his role interviewing the drivers in the official post-qualifying and race press conferences, replaced by former ITV commentator James Allen