In an unprecedented move, the Confederation of Australian Motor Sport will own all 20 Formula 4 chassis that compete in the category’s inaugural season.

CAMS has today confirmed that it will run a ‘Teams’ format for the championship, which will see individuals rent the Mygales from the governing body and prepare the cars themselves.

CAMS will meanwhile act as category managers for the championship after a tender process failed to attract a successful applicant.

The first Australian Formula 4 season is set to start in mid-2015 and will be run on the V8 Supercars support card.

Despite the late start to the calendar, CAMS says it will hold seven rounds next year, each made up of three races.

The details were announced at a function in Melbourne attended by FIA president Jean Todt.

Formula 4, featuring carbon monocoque tubs and engines up to 2.0 litres, is being pushed worldwide by the FIA as its preferred open-wheel formula between karts and Formula 3.

“Italy was the first to phase in Formula 4 but there is little doubt that CAMS is amongst the world leaders when it comes to introducing the FIA’s new open wheel pathway,” said Todt.

“We are following its development attentively and the FIA will lend all its support to CAMS especially where technical equity and communication are concerned.

“The object here is to make FIA Formula 4 the first indisputable step for single-seater racing drivers and it’s great that CAMS and Australia have embraced this very interesting and exciting phase for motor sport.”

CAMS says that costs to competitors will be “capped at $170,000 per annum”, although “cost variation will be dependant upon team structure”.

An engine and control tyre package are yet to be confirmed.