The name Brabham could return to Formula One if ambitious plans to revive the iconic brand come to fruition.

Codenamed 'Project Brabham', the aim is to use crowdfunding as its main financial source to create what they claim will be "an innovative model of open-source racing".

Brabham will initially return to the track next season with a three-year LMP2 programme in the World Endurance Championship. By year four, the marque will run as a constructor in LMP1, with the goal of winning the WEC and Le Mans. Longer-term ambitions include the prospect of competing in Formula E, as well potentially making a comeback in F1. Brabham's last race was in 1992 in Hungary, with 1996 world champion Damon Hill at the wheel.

Spearheading the project is David Brabham, son of three-times world champion Sir Jack, and who has enjoyed an exemplary racing career of his own. "I have long dreamt of seeing the Brabham team back out on the track, continuing the legacy my father laid down when he first started the team in the '60s," Bradham said.

"Looking at the normal racing model was not exciting or sustainable enough for me to rebuild the team from scratch.

"After careful consideration and research we have created a new model of open-source racing which will bring fans closer to the action, inspire drivers and engineers and offer the rare opportunity to be a part of this new, but historical, race team."