MV Agusta has announced that it will return to world championship racing in a factory capacity next season after joining forces with Team ParkinGO for a World Supersport entry.

The iconic Italian manufacturer has enjoyed considerable success in motorcycle racing over the decades, notching up a total of 37 world titles, but has maintained a fairly low profile in recent years.

However, having been linked to an international return in 2012 with Team Alstare, MV Agusta has confirmed it will enter next season's World Supersport Championship in partnership with Team ParkinGO, series champions with Chaz Davies in 2011.

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Penning a three-year agreement with the Italian outfit, which is rumoured to include a possible move into the World Superbike Championship from 2014, MV Agusta says it will supply factory backing to ParkinGO in its development of the three-cylinder F3 675.

Announced on the day the late Claudio Castiglioni would have turned 65-years-old, current president of MV Agusta Giovanni Castiglioni was delighted to see the marque embarking on a return to the racing arena.

"It is a great satisfaction to announce this agreement with the Team ParkinGO. Personally speaking, for me is a big and exciting challenge as I have got from my father the passion for the racing world. I am convinced that with the experience of engineer Massimo Bordi, we have all the components needed to get important results."

ParkinGO's (BE1 Racing) return to World Supersport competition comes after a year spent on the World Superbike stage, a campaign that yielded a win for Davies at the Nurburgring on the way to ninth overall.

With Davies switching to BMW for 2013, team manager Giuliano Rovelli saw the deal with MV Agusta as an excellent reason to make its Supersport comeback.

"This morning my brother Paolo and myself, were talking about the big responsibility and at the same time the great satisfaction we feel signing such an important agreement. Already from the first meetings has been a good understanding with the management of the company. Both of our foresights in the project, are an important component to get the best out of this partnership."

It hasn't been confirmed whether ParkinGO will run one or two bikes in 2013, though Luca Scassa - a former ParkinGO and factory MV Agusta rider - has been immediately linked with the project.

MV Agusta's announcement comes after it was confirmed Suriano Racing will return Suzuki to the WSS grid in 2013 with a pair of privateer GSX-R600s, while Yamaha is set for an increased presence next season too under the Yakhnich Motorsport banner.