The late development had come just days before all the GP2 teams were set for their first three-day pre-season test at the Circuit de Jerez in Spain, which iSport pulled out of attending.
That left any potential replacement team with very little time to agree uy-out terms for iSort's GP2 assets and make it to the second and final test opportunity which starts tomorrow at the Circuit de Catalunya in Barcelona. However, Bruno Michel was confident that the new team and its principal were up to the formidable task ahead of them.
"Igor Mazepa has already put in place a team of staff with some great GP2 experience which will help them be able to be on pace very quickly," he said.
For his part, Mazepa was under no illusion just what a steep mountain the new Russian Time team faced in its scramble to be ready for the season opener in Malaysia on March 23.
"We know that it will be a challenge to be quickly on par with the other teams, but we have managed to put together a group of people whose experience in GP2 will be invaluable," he said.
"We are pretty confident that we will do a good job from the get-go," he insisted, confirming that they would indeed be running at this week's three-day testing sessions. "We cannot wait to start running with the car this week in Barcelona."
Although currently based in Germany, Russian Time is the first Russian team to compete in the GP2 Series since it was founded in 2005, with iSport among the founding members. The new entrant has not yet named the drivers who might be working with them in this week's test sessions.
Russian Time will be the third rookie team on the GP2 grid in 2013 after an unprecedented turnover of teams over the offseason. Scuderia Coloni exited at the end of 2012 over unspecified disagreements with the series organisers, while Ocean Racing Technology was forced to quit in January because of financial problems. Two new teams, MP Motorsport and Hilmer Motrosport, have already taken their places on the starting grid for the 2013 season.