sThe worst-kept secret in motorsport was made public on Tuesday when Sir Richard Branson confirmed that Virgin will be title sponsor of Formula One newcomers Manor GP next season, while it also emerged that the team has already signed ten new partners.

Brawn GP executives had revealed in the summer that Virgin would be switching to Manor, and the FIA effectively confirmed the move last month, when it published the 2010 Formula One entry list with Manor listed as Virgin Racing.

Branson, who has switched his support from last season's champions Brawn GP to the grid newcomers, revealed that Virgin Racing will operate on a budget of less than £40 million (US$65 million). It is not yet known exactly how much of that budget will come from Virgin's investment, and how much from other deals. On Monday, Lloyds Banking Group's private equity arm, Lloyds TSB Development Capital, took a double-digit million dollar stake in the team. In addition, Alex Tai, the former director of special projects for the Virgin Group who will serve as team principal, revealed at the team's launch that it has already secured ten partners.

Lucas di Grassi and Timo Glock will drive for the team. "Last year with Brawn, they started the season as a David and it ended it as a Goliath," Branson said at the launch. "So we searched around for another great team, another David team, we have one and we will see how it goes."

The team will be creating more than 100 new jobs in Britain, according to LDC.