The organisers of the new Formula GP2 Series have today [Monday], announced that from 2005, the series will replace F3000, at the European F1 events.

A statement from the Formula GP2 Series pledged that the chassis and engine will be more 'sophisticated' than those used currently in F3000, the engine being produced by Renault, while the chassis will be made by Dallara.

The full statement read:

"We are pleased to announce that an agreement has been reached at Formula One events to replace F3000 Championship from 2005 with the new Formula GP2 Series, which will take place at the European Formula One events.

"This will be a stepping-stone into Formula One.

"The chassis and the engine will be more sophisticated than the current F3000 and the engine will produce 600 HP. This formula is supported by Renault with the chassis produced by Dallara and the engine to be designed, built and serviced by Renault.

"Bernie Ecclestone has been helpful in this new formula and said that 'this will be a very good way for drivers, engineers and mechanics to break into Formula One'.

"As with F3000, the FIA will be the technical and sporting regulator of the series as they are in Formula One."