Although there is no official announcement from either party as yet, the FIA released their entry list for the 2010 season with the team listed as Virgin Racing, with Timo Glock as one of the drivers for the team. The entry list also revealed that Red Bull will retain Renault’s engines for next season, but did not name the team that will replace Toyota, having only listed twelve teams in the provisional entry list.

Virgin, which is headed by flamboyant billionaire Sir Richard Branson, was a major sponsor of the Brawn GP team in 2009, but has decided to move his sponsorship to Manor, who are one of the four new teams in Formula One for the 2010 season.

The new team will be headed by John Booth, and use chassis created by former Simtek and Benetton designer Nick Wirth, through his company Wirth Research, which had been responsible for building Acura’s LMP cars.