F1: Online bidding back on track for Schuey car

Bidding is due to start today in an online auction for the racing car in which German driver Michael Schumacher won the 1994 Formula 1 championship.

The price begins at just £1 (€1.60) although it is expected to rise considerably by the time the auction ends 10 days later.

The Benetton Ford, which still holds the outright lap record for the Monaco circuit, comes complete with its powerful Cosworth engine and ready to race.

It is being sold through the Internet auction website ebay.co.uk and bidders can watch the price rise from when the auction starts at midday today to midday on Saturday March 23.

The car’s owner, a private company which specialises in selling Formula 1 merchandise, has not disclosed the reserve but it is known to be worth more than £300,000 (€484,000).

Along with the car, the new owner will get spares, a 1994 Benetton racesuit and team clothing.

It is the second time the car has been offered for sale through the ebay website. The first time, last week, bids failed to go above £100,000 (€161,000).