Speaking to the Dinnington Guardian this week, Booth said the move to F1 was progressing quickly, with a factory extension at Dinnington on the horizon.

"We're building a new car, building a new factory and putting a team of 50 people together," he said.

"We've applied for planning permission for another 6,500 square feet for specialist preparation areas, and that should go smoothly, we should start digging in a month."

While Booth expects an announcement to be made on Manor's commercial package in the next few months, and drivers to be appointed in October, he is already confident that F1 will not prove a step too far for his team.

He said: "I'm confident that if we're given a level playing field, over three years – which is the current model – then I'm sure we can be develop to be competitive."

The level playing field he seeks would never have been possible had it not been for the FIA's new cost cap, restricting the spending of F1 teams to £40million.

Booth said: "We had never even thought about Forumla One, it wasn't even a dream."

"But the opportunity arose because of the FIA's cost cap, which has made F1 achievable for a non manufacturer for the first time in many years."