Today heralds the launch of a major new initiative that brings together two of the world's most popular sports: football and motor racing.

Superleague Formula is a motorsport series for identical high-performance single-seaters bearing the colours of leading football teams from all over the world with AC Milan, PSV Eindhoven, FC Porto and Olympiacos already confirmed.

Series organisers are also negotiating with Real Madrid, FC Barcelona and Valencia (Spain); Inter Milan (Italy), Olympique Lyonnais and Olympique de Marseille (France); Borussia Dortmund and FC Schalke 04 (Germany); Basel (Switzerland); Galatasaray (Turkey); Anderlecht (Belgium), Goteborg (Sweden) Moscow Lokomotiv (Russia); Boca Juniors (Argentina); Flamengo (Brazil); Club America (Mexico); Shanghai Shenua (China) and Samsung Bluewings (Korea) to take their place on the grid.

Discussions are underway with several clubs in the UK and the USA to complete a full 20 car field for the first race of the championship in August, 2008.

The championship is spearheaded by Spaniard Alex Andreu, a sports marketing specialist who developed innovative media/communications programmes for the 1992 Olympic Games, World Skiing Championships, Spanish Football league and National Spanish Team, FINA and FIFA/UEFA; and Englishman Robin Webb, a former financial executive with many years of hands-on motorsport experience.

"Extensive research shows that our concept will be embraced by fans of both football and motorsport. We conducted focus group research sessions with season ticket holders at 10 of the top clubs throughout Europe," Andreu said.

"We have developed a strong investment package which has attracted investors from throughout the world. Our revenues will be shared equally between the football clubs, the teams and a strong ROI for our investors."

The core of the new series is a single-seater car built by Elan Motorsport Technologies in the US. It will be powered by a 750bhp 4.2-litre V12 engine designed by Menard Competition Technologies in Leafield, England. For each round, competitors will battle for a weekend purse of more than 1 million euros in prize money.