Formula 1 chairman and CEO Chase Carey has personally pledged $1 million (£797,000) of his own money into a new foundation to help fund apprenticeships for under-represented groups.

The move is a follow up to F1’s #WeRaceAsOne initiative it announced earlier this week in a bid to push for greater diversity and wider opportunities within the sport.

F1 has established a sustainability, diversity and inclusion task force to improve the long-term future of the world championship.

As part of the drive to attract more diverse talent across technical, commercial, corporate and on-air roles, F1 has set out further measures to increase inclusion.

The as yet unmanned foundation will operate alongside this task force to fund internships an apprenticeships within F1.

“The Task Force will be specifically focused at identifying the employment and education opportunities for under-represented groups across Formula 1, including STEM careers, and the required actions to address these findings,” an F1 statement read.

“Alongside the Task Force we will also take initial action to create a foundation to finance primarily, but not exclusively, internships and apprenticeships within Formula 1 for under-represented groups to ensure they have the opportunity to fulfil their potential and have access to a promising career in the sport.

“The initial start-up funding for this foundation will be $1m and will be provided in full by a personal contribution from Formula 1 Chairman and CEO, Chase Carey. We hope that the funding will grow over time to support more interns and scholarship opportunities in the future.

“We believe that as a truly international sport we can make a difference by using our voice and determination to address these vital issues.

“We are a sport that represents millions of global fans and we must ensure we are as diverse and inclusive in our own community as the communities we serve around the world.”

Carey stressed the importance of the foundation to help people of all backgrounds get into F1.

"We fully recognise that F1 needs to be more inclusive and diverse," he said. "While we set out our strategy last year to improve the position of our sport, we need, and want, to do more.

"That is why we will establish a Task Force to listen and ensure the right initiatives are identified to increase diversity in F1.

"We want to ensure we give people from all backgrounds the best chances to work in F1 regardless of their gender, ethnicity, sexual orientation, or physical abilities.

"We are therefore also taking the initial step of creating a foundation to support key educational and employment opportunities across F1 that will give underrepresented talent the chance to work in this incredible sport and build an exciting career."