"We have endured a long and testing journey to protect and bring the Brabham name back under the family's control, then decide the next step in the journey of this iconic brand," David Brabham said.
"I have long dreamt of seeing the Brabham team back out on the track, winning at the highest level and continuing the legacy my father laid down when he first started the team in the Sixties."
Following in the footsteps of three-time F1 champion Sir Jack Brabham, multiple-time ALMS champion and Le Mans winner David is spearheading efforts for a new global operation through an open-source, fan-based method.
The motorsport community will help fund the team, which is planning an initial three-year LMP2 program in the FIA WEC, with the intention of becoming a constructor in LMP1 effort soon after.
Other championships, such as FIA Formula E, are also under consideration, while also not ruling out a return of the Brabham name to F1.
"Looking at the normal racing model was not exciting or sustainable enough for me to rebuild the team from scratch," Brabham said. "For me to bring Brabham back we have to do things differently.
"After careful consideration and research we have created a new model of open source racing, which will bring fans closer to the action, inspire drivers and engineers around the world and offer the rare opportunity to be a part of this new but historical race team.
"We will open the door to people and share the incredible journey that awaits us. I am a big believer in the power of collective thinking and see many advantages in this model that will help Brabham become a winning team once again, but in a new and inspiring way.
"Who knows where that could lead? Back to Formula 1, I hope. It will stretch people's thinking, but I believe the time is right for a change and I am excited at what opportunities lie ahead."
Brabham said the team will be based in the U.K., while no decision has been made on the chassis or engine for its targeted LMP2 program next year. Sportscar365