F1 rookie seeks public cash to take Minardi seat

Investors are being given the opportunity to buy shares in a rookie British Formula One driver, in the hope that he will turn out to be the sport's next superstar.

Justin Wilson needs to raise £1.5m to take his seat as a member of the Minardi team and he has turned to the public for the cash.

It is believed to be the first time a driver has sought public funding but it is normal practice for up-and-coming drivers to pay for part of their team's expenses. Sponsorship income, which have funded drivers in the past, has collapsed as companies cuttheir marketing expenditure.

Private investors are being asked to buy shares in Justin Wilson plc, an unquoted company, with a minimum investment of £500. The company has the right to his total income aside from a "modest" salary, for the next three years and then 10 per cent until 2012. Jonathan Palmer, managing director of the company, said: "If Justin turns out to be as successful as Nigel Mansell or Damon Hill, you will double your money in three years."