Ultimate in talks to buy Toro Rosso

Ultimate motorsport, a team currently active in F3 and Formula Renault is in talks to buy a stake of Scuderia Toro Rosso, the Irish Independent reports. If a deal would go through, it could also involve the team's current Irish driver, Michael Devany.

It is no secret that Gerhard Berger is actively seeking for an investor in his team. Earlier this year, Red Bull boss Dietrich Mateshitz revealed he wanted to get rid of his 50% stake in the team as he want to concentrate on the operations at Red Bull Racing.

Walsh on the other hand started with a Formula 3 team less than 18 months ago and aims to break into GP2 by 2009. With the backing of Angolan national oil company Sonagol, it has now emerged that there are talks going on between Walsh and Berger to get an outright deal done in Formula One.

"We are in negotiations so I can't reveal too much about it until everything is final," said Walsh.

"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. The aim is to have the whole structure, with the academy from karting, through Formula Three and the World Series, and Formula One at the top."