Ultimate Motorsport are in talks about acquiring a stake in Formula One team Toro Rosso, according to Autosport.
The team formerly known as Minardi are co-owned by Red Bull billionaire Dietrich Mateschitz and former GP driver Gerhard Berger, but the former announced in March that his stake in the Ferrari-powered team is up for sale.
Ultimate team principal Barry Walsh said: "We are in negotiations so I can't reveal too much about it until everything is final.
"We always set out with Formula One as the target.
"I would only have got involved in the project in the first place if I was confident we could take it all the way to F1, that is the aim.
"If our plans go the right way, I'd like to think we could be on the grid for 2009."
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