Preston Racing, the team formed by former Arrows and McLaren engineer Mark Preston with the aim of making it to Formula One, has become the latest company to set up base at the new Silverstone Innovation Centre.

The move has been made to give the team a flexible base for Preston and his management team to plan for Preston Racing's entry into F1, although the Australian admitted that there is a long way still to go before the team is in a position to look at competing in Formula One.

"The move will strengthen the team, and allow us to move forward at a motorsports pace," he said. "There is a long way to go towards our goal of entry into F1 and we are currently looking at other high profile programmes including Le Mans and the WTCC."

Finance director, Michael Boon is equally hopeful that the decision to move to the home of British motor racing will help aid the team.

"Moving to Silverstone improves the credibility of the investment opportunity that Preston Racing represents," he said, "and we are currently seeking investors and commercial partners to share in our vision of running internationally competitive motorsports programmes."

Before trying to make the move into Formula One, Preston Racing also aims to uses its past expertise in motor racing to exploit commercial opportunities identified in other areas such as automotive manufacturing, aerospace and new media.

"Working at the Silverstone Innovation Centre will allow us to work on technology transfer to the automotive and aerospace sectors using our extensive composites design experience," design director Rob Neumann added.

The Silverstone Innovation Centre will eventually house up to 40 companies from both motorsport and related industries - with Crash.net the first company to move into the building back in January.

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