Virgin car to have black/red livery in 2010

(GMM) Virgin Racing team principal Alex Tai on Tuesday said the new team would field a black and red livery in 2010.

Launched earlier in London, the team has also confirmed that ten sponsors are already signed up, including Carbon Green, shampoo company Clear, FxPro, clothes brand Kappa and Russian supercar maker Marussia.

"We're the new red car on the block," Tai is quoted as saying in a Reuters news report.

Ever the shrewd operator, Virgin's billionaire figurehead Sir Richard Branson said the team would operate on a small budget of under 40m pounds, with the aim of producing a profit.

"We haven't put a lot of money in, we've put our brand in," he told reporters at the launch event in Notting Hill.

"On the back of the brand, the team are managing to get a lot of sponsors. Our involvement is the naming of the team and some money," Branson added.