F1: Branson could buy, but team cuts workforce

From GMM

After watching his Virgin logos speed to one-two victory at Albert Park, Sir Richard Branson hinted his next step could be into the world of formula one team ownership.

The British billionaire cut short a family skiing holiday this weekend to jet into Melbourne and announce a hastily-signed sponsorship deal with the new Brawn team.

Branson, 58, hinted the announcement was just the first phase of his new interest in the sport, and he told the BBC on Sunday that he is likely to make the next step in the very near future.

"At the moment we're just sponsors. I mean, one day, Virgin might own a team and name it after itself. We'll have talks," he said.

So fuelled has Branson's interest in the sport been by the Australian grand prix success, he decided against attending his own 'V Festival' rock concert in Sydney on Saturday night.

It is believed he also stayed in Melbourne on Sunday night - rather than fly to the Gold Coast for the next 'V' concert - to help Brawn celebrate its Virgin-branded victory.

"They've certainly got me addicted so it'd be a good time to sit me down and have a word about upping my interest," Branson smiled.

"I'm sure if Brawn GP keep plying me with champagne and putting gorgeous Virgin girls either side of me, you never know. But on a serious note they deserve supporting."

Meanwhile, the team's chief executive Nick Fry has confirmed reports the British team has decided to shed nearly 40 per cent of its workforce.

Officials of the former Honda outfit had informed its 700 Brackley based staff by letter that 275 of them will be made redundant.

The newly signed Virgin sponsorship is worth "tens of millions" to the newly-independent team. But the new annual budgets will still be much smaller than in the Honda era.