Theodore Racing is set to expand into GP2, European Formula 3 and German Formula 4 with Prema Powerteam after partner squad Status Grand Prix withdrew from this weekend's season opener at Barcelona.
Theodore Racing, run by Teddy Yip Jr, has extended its relationship with Italian team Prema Powerteam to launch a campaign in the GP2 Series as well as Euro F3 and German F4.
This signals the withdrawal of Status GP, also run by Yip Jr, with its future uncertain having already pulled out of GP3 and not attracted a budgeted driver for the upcoming season.
Theodore Racing had already expanded with Rahal Letterman Lanigan Racing into IndyCar and the new deal sees its presence return in the European single-seater series with Prema Powerteam.
The latest announcement strengthens its ties since collaborating with the Italian squad on its way to victory at the Macau Grand Prix in 2013 with Alex Lynn and last year with reigning Euro F3 champion Felix Rosenqvist.
The team also enjoyed success in A1GP with Team Ireland before Yip Jr switched attentions to Status Grand Prix in GP2, GP3 and Le Mans 24 Hours.
“2016 will be a transitional yet exciting year for me and I have made the decision to expand Theodore Racing,” Yip Jr said. “My desire to work with and support world-class young drivers has driven me to become involved with, and provide a positive impact on junior formulae.
“Having formed such a close and successful partnership with René, Angelo and Prema in Macau, plus the fact that they are race winners in all categories, it was an easy decision to expand our partnership to encompass all of Prema's junior single-seater campaigns.”
Yip Jr runs his father's former squad who entered Theodore Racing into F1, IndyCar, F3, Formula Atlantic and Formula 5000. His son has opted to revive the famous team name with the support of Prema Powerteam whose team manager Rene Rosin welcomes with open arms.
“I'm extremely pleased to see our successful partnership with Teddy Yip and Theodore Racing not only continue in Formula 3 and Macau but also extend to Prema's other operations in GP2 and Formula 4,” Rosin said.
”Our partnership carries huge potential, something that was obvious to me from the beginning when we won the Macau GP together in 2013. Since then, our relationship has gone from strength to strength and I look forward to 2016 more than ever.”