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Formula Two is a new international single seater championship, derived from an FIA initiative to provide young, talented drivers with the opportunity to compete in top-level racing on a competitive budget.

The FIA’s overall concern was that the cost of competing in motor racing at a level to progress directly to Formula 1 today is so high that it prevents many talented drivers from having the opportunity to participate. Compared to rival series, Formula Two will cost significantly less per season whilst allowing drivers to prove their skill and develop their racecraft in identical 1.8-litre Audi-powered turbocharged vehicles, designed by a six man team from Williams F1, led by Director of Engineering Patrick Head.

In September 2008 the FIA tender to supply the cars and operate the FIA Formula Two Championship was awarded to MotorSport Vision, which has years of experience of organising the Formula Palmer Audi Championship, in addition to running four major UK race circuits and the British Superbike Championship.

The F2 vehicles will be assembled and prepared between races at MotorSport Vision’s Bedford Autodrome facility, with testing sessions scheduled at circuits around the UK prior to the opening race of the inaugural championship in May 2009.

Who was the governing body for Formula 2 before?

with Williams designing the Audi-powered cars

The FIA says that the new cars will be "built to Formula 1-level safety standards" although it is not clear who will actually build them. Williams is not going into the chassis manufacturing business as it needs to concentrate all its resources to improve the F1 programme. The original Palmer Audi cars, which are still being used, were built for the series by Van Diemen International, but it is not clear at the moment who will building the F2 cars.

The new car will be designed by the Williams Formula One team and will incorporate a turbocharged 1.8 litre Audi engine and be built to Formula One-level safety standards.