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Shnaider putting big money into F1 startup

Updated: October 8, 2004, 4:18 PM ET
Reuters

LONDON -- Russia stepped closer to a starring role in Formula One on Friday with the announcement of a new team to begin competing in 2006.

But while the cars will be built by Italian manufacturer Dallara, frequent winners of the landmark Indy 500 in the United States, the backers of Midland F1 are unfamiliar faces new to motorsport.

Few people in Formula One, with the exception of the sport's commercial supremo Bernie Ecclestone, have heard of 36-year-old Russian-born businessman ...

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