Motor racing-F1 looks to booming economies for future teams

By Alan Baldwin

ISTANBUL, May 9 (Reuters) - Formula One should look to fast-developing economies like China, India and Russia for the new teams of the future, Toyota Motorsport president John Howett said on Friday.

"India is a booming market, China is a booming market, Russia is growing also, for us it's the biggest market now in Europe," he told a news conference at the Turkish Grand Prix.

"I foresee that from these countries, where there is very strong economic strength, there is the potential for teams to enter Formula One.

"It is technically challenging and it probably also depends on what those backers or potential entries perceive as Formula One and the benefit it can offer," added Howett.

"So it probably also has some relevance as to the future positioning of Formula One as a sport."

Formula One started the season with 11 teams but was reduced to 10 this week when Honda-backed Super Aguri announced their withdrawal for financial reasons.

However, 2008 has also seen the arrival of Force India, the former Spyker team bought by Indian billionaire Vijay Mallya.

Super Aguri, the smallest of the teams, had been in takeover talks with Dubai-backed Magma Group before an agreed deal collapsed.