The new Caterham Moto2 motorcycling team will be sponsored by Air Asia this season.

The two organisations share an owner in Malaysian enterprenuer Tony Fernandes. The team will officially be called AirAsia Caterham Moto Racing Team.

Moto2, formerly the 250cc world championship, is the second tier of top-level Grand Prix motorcycling, below MotoGP.

Mia Sharizman, the team principal of the new outfit, said: “Two-wheeled motorsport is a new venture for Caterham Group and one that we believe will be a long term project. It is an exciting time for us and I would like to thank AirAsia for the opportunity.

“It is great to see their development and commitment to the sport from initially supporting an event, to their backing of Malaysian rider Zulfahmi Khairuddin who will compete in Moto3 class this year. I believe our partnership with AirAsia as a Moto2 team is the next progressive step and will provide an excellent opportunity to develop up and coming Asian riders on a worldwide branding platform."

No financial deatils were revealed, but Air Asia's red and white colours dominate the livery of the bike.