Sir Richard Branson soaks up the atmosphere on the Monaco grid © Sutton Images Enlarge

Sir Richard Branson's interest in his Virgin Racing F1 team has been given a kick start after he realised there was £17 million at stake for finishing 10th in the constructors' championship.

Under the Concorde Agreement the top ten teams in Formula One share 50% of the sport's underlying profits that comes from revenue sources such as TV rights and trackside advertising. The higher a team finishes the more it gets, with tenth place receiving £17 million but 11th and 12th place receiving nothing at all.

The three new teams will almost certainly occupy the bottom three places in the championship, meaning one of them is set to land a £17 million windfall when it beats the others. Branson said he had not been aware of the money up for grabs.

"There's some money? You never told me that!" Branson is quoted by BBC Sport after being told about the cash by Virgin Racing CEO Graeme Lowdon. "It does make a difference. Whereas I said I wouldn't mind about tenth place, I've suddenly taken a big interest!"

Lowdon added: "It [the prize-money formula] is an innovative structure, and if you do well on the track then you get very well rewarded."

Virgin currently lies last in the standings because, although none of the bottom three have scored any points, Lotus and HRT have secured higher placed finishes so far. Despite Virgin's slow start, including 10 retirements in the first eight races, Branson is proud of how far his team had come.

"One year ago we only got our licence, so this racing company was a piece of paper back then," he said. "We then had to scramble to find the people and build the car, and I think the team has since done well."