Virgin Racing are no longer looking to really challenge any of the main teams in Formula One. Virgin are now setting their sights on a 10th place finish in the Championship.

Formula One’s rules governing prize money are complicated, but only the top 10 in the Constructors’ Championship are given a handout. If you finish in the top 10 then that could mean $25 million bonus, and that is a great deal of money for one of the newcomers like Virgin, Lotus or Hispania.

When informed of the potential pot on offer, it perked up the ears of team owner Sir Richard Branson who was unaware of just how much money was at stake.

“There’s some money? You never told me that,” Branson said to CEO Graeme Lowdon, who replied: “It does make a difference.”

Lowdon added: “We have a long-term plan for the team, so getting a 10th-placed finish in the championship would be a bonus.

“If we get a point then it really would make a massive difference.”

When told the exact figure, a shocked Branson said: “Bloody hell, well yeah, I would like to get 10th place.

“Whereas I said I wouldn’t mind about 10th place, I’ve suddenly taken a big interest.”

According to reports the Russian bid to host a Grand Prix in 2014 is starting to gain momentum. It was mentioned earlier in the year that Bernie Ecclestone was keep to add Russia to the Formula One calendar.

Deputy regional development minister Yuri Reilyan has now been quoted by business newspaper Vedomosti as saying that construction in Sochi will begin as soon as Ecclestone can “guarantee that the race will definitely take place, and the circuit will not be abandoned in the future”.

“He [Ecclestone] suggests holding the first grand prix in autumn 2014,” Reilyan added.

Melbourne authorities have charge Lewis Hamilton over his burnout just before the Australian Grand Prix.

Lewis Hamilton’s Mercedes was impounded in March under Australia’s anti-hoon laws after laying down a killer burnout on the streets of Melbourne for some of his fans. Now he’s formally been charged with a crime.

Hamilton apologized, but we think due to his expertise in “intentionally losing control of a vehicle,” he should be given some kind of dispensation.

It is rumoured that the US Grand Prix could be run at Monticello Motor Club, which is just spitting distance from New York City.

Formula One’s expressed interest in adding a US track to the global series after a long absence, but recent attempts to secure one have faltered. Monticello Motor Club president Ari Strauss thinks his track in upstate New York might have what it takes.

Here’s the letter in full:

Dear member,

Within the next day, you may read that Formula 1 (F1) is planning a return to the United States and has their sights on a special location in New York: Monticello Motor Club.

A few months ago, Bill McMichael and I met with Bernie Ecclestone, President/CEO of Formula One Management (FOM), and discussed the terms for an exclusive 10-year United States Grand Prix to be hosted at MMC. Shortly thereafter, Hermann Tilke, the chief engineer and circuit designer for F1, spent time at MMC and confirmed that our track and surrounding properties, with some expansion and minor track modifications, is an excellent location for a Grand Prix. Since receiving a letter of understanding from FOM confirming their hope to bring the US Grand Prix to Monticello, Bill and I have continued to secure the backing and support of local, state, and federal politicians and organizations.

Remi Taffin who is head of engine operations at Renault, says the manufacturer would be more than happy to supply more teams with engines.

Besides providing engines to its own Formula One outfit, the French manufacturer has also been supplying Red Bull Racing with power units since 2007. That could change in 2011 as several other teams, including Williams, are keen to swap their Cosworth engines with Renault ones.

New Jersey revealed their plans to host a Formula 1 race, but now the city’s mayor has killed those plans, citing environmental issues. [GPUpdate]

Sauber has secured a sponsorship deal with fast food chain Burger King for the Spanish and Valencia Grands Prix.

The team has been short on sponsorship this season and had pinned its hopes on attracting Spanish investment through the signing of Pedro de la Rosa.

Those hopes appeared to have paid off with Burger King Spain agreeing a deal that will place its logos on the side and the nose of the C29 for the two Spanish F1 events.

Burger King Spain’s Elias Diaz Sese said: “The presence of Pedro Martinez de la Rosa as a team driver is important, not only due to the fact he’s Spanish but also because he transmits certain values as a sportsman.”

Romain Grosjean has called up last season to replace Nelson Piquet Jr at Renault, but without a drive in 2010 he has reiterated his desire to return Formula One.

Grosjean didnt do so well with his races in last season Formula One, failing to score a single World Championship point.

The Frenchman, who had hoped to continue with the team this season, was ousted at the end of the year in favour of Vitaly Petrov, leaving him without a F1 drive.

And although he did find a race-seat in GT1 with Matech Ford, Grosjean is hoping for another shot at F1.

“It is not a new life, it is not forgetting Formula 1, I don’t hide that my aim is to go back to F1 next year for sure,” he told Autosport.

“But on the other hand driving is my passion and it is my job as well.

“It’s a new experience for me and maybe for the future it can help. And for sure I’m still trying to get the good contacts and the good opportunities to go to F1 next year.

“But for this year this opportunity came up. It is not like I want to switch my ideal career. It’s just one year, but I want to drive, I enjoy driving and when the chance came I thought it was good to take it.”

Silverstone was within a hair’s breath of losing the British GP to Donington Park, however, the latter’s financial woes saw F1 supremo Bernie Ecclestone instead sign a new deal with Silverstone.

The Northamptonshire track has subsequently undergone several changes, including the building of a new in-field circuit, which cost £5million and will be used for this year’s British GP.

“There were sleepless nights and many stressful moments,” Hill told the Daily Mail.

“We think we have produced a racetrack of the future. It looks like it has the potential to be a real corker.

“We’re living in a really powerful age of British motor racing, and long may that continue as far as Silverstone is concerned.

“What’s been achieved at Silverstone is down to the determination and hard work of a dedicated team.

“But we can’t be complacent – you only have to look across the Channel and see the effects on French motorsport now that it doesn’t have a grand prix any more.”

He added: “We think we have the world’s greatest racetrack and I’m fighting tooth and nail to make sure it stays that way.”

We thought we would just do a really simple post today and provide everyone with a close up of the Ferrari F10 Formula One car. Enjoy!