Heikki Kovalainen is looking for Caterham to move into the midfield, according to his new management company.

Having handled his own career in the wake of Flavio Briatore’s demise, Finn Kovalainen recently signed up with IMG, the sports and entertainment management giant.

The 30-year-old has rebuilt his reputation since 2010 in the wake of mixed tenures for top teams Renault and McLaren.

According to IMG Motorsport’s head of clients Martin Anayi, Kovalainen is now regarded by formula one team bosses up and down pitlane as among the top best drivers.

“He is a great guy,” Anayi is quoted by Finland’s Turun Sanomat newspaper.

“Heikki’s potential is obvious and he definitely wants to succeed.”

There have been rumblings in the paddock that Kovalainen is disappointed that, despite being consistently the best of F1′s new teams since 2010, Caterham is yet to break into the midfield.

“This is only the team’s third season, so there are still some growing paints,” IMG’s Anayi acknowledged.

“Heikki has a strong desire to compete, and not just with his teammate Vitaly Petrov. The team’s boss Tony Fernandes wants to get in with the middle group.

“This means that the team needs to regularly get into the Q2 stage of qualifying and in the race be aiming for the points,” he insisted.

Ross Brawn should be firing on all cylinders as he returns to the pitwall in Monaco this weekend.

Mercedes’ team principal sat out the recent Spanish grand prix due to illness, but a scarcity of extra information triggered speculation.

One rumour was that he is seriously ill, whilst another was that his absence may in fact be due to his German employer’s high-stakes spat with Bernie Ecclestone.

The latter theory gained traction since Barcelona, with acting team boss Nick Fry taking a much higher than usual profile, including naming Paul di Resta as a possible 2013 successor for Michael Schumacher.

Explaining his absence, Brawn told Bild newspaper: “On the Tuesday before Barcelona I felt unwell so I went to the doctor and then stayed a night in hospital for some tests.

“When I got home, I decided on the advice of doctors to give myself a weekend off, to be sure that I am fit for Monaco,” the Briton said.

Partly because of Brawn’s deputy Fry’s recent comments, and also due to his paltry points tally and his crash with Bruno Senna, rumours about Schumacher’s future have intensified since Spain.

“A lot has been said and written,” acknowledged Brawn, “but we should not forget that we – the team – have let him down in three of the fives races, not delivering the job we should have.

“We must do better,” Brawn, who worked closely with Schumacher during the seven time world champion’s ultra successful Ferrari era, added.

“We saw Michael’s real quality again in the first race, so it’s for that reason that I believe we will see him on the podium this year.”

As for a possible contract extension for the 43-year-old, Brawn insisted: “When the time comes, we will sit down together and talk about the future.

“I’m sure it will become clear very quickly in what direction we will go.”

Even ahead of F1′s Singapore floatation, the sport has some new owners.

Reuters, the specialist financial market news agency, said US-based asset managers Waddell and Reed, Blackrock and Norway’s Norges Bank have bought a $1.6 billion stake from existing owners CVC.

The report cited a source “with direct knowledge of the matter”. The companies did not immediately comment.

It drops CVC’s stake from 63.4 per cent to about 40pc, the source said.

We reported on Monday that the Singapore stock exchange approved F1′s plan to raise as much as $3 billion in an initial public offering.

Other reports said pre-marketing for the listing, likely to go ahead at the end of June, will begin immediately.

“It is not our practice to publicly comment on our dealings with listing aspirants,” said a Singapore bourse spokesman.

Some insiders have expressed concern.

“Look at the muted first-day response to Facebook’s IPO,” an unnamed banker told the Singapore broadsheet Straits Times. “The F1 listing is not nearly as attractive and long-awaited as that.”

Formula one is worth about $8 or $9 billion, as the sport’s owner CVC confirmed it has this week sold a 21 per cent stake to new investors.

News of the sale coincided with the launch of pre-marketing ahead of one of the biggest ever sports floatations, data by the financial experts Thomson Reuters shows.

“It’s cheap compared to Facebook,” chief executive Bernie Ecclestone told reporters on Tuesday, confirming that the Singapore IPO looks set to go ahead soon “with no dramas”.

“All the things that have to happen have happened. It will be finished by the end of June,” the 81-year-old is quoted by the Telegraph.

F1′s new one-fifth owners are US managers Waddell and Reed, the powerful Blackrock and Norway’s central bank Norges.

“It’s a great way to start the IPO and lets investors know what they can expect,” said Ecclestone.

The diminutive Briton said he is keeping his 5.3 per cent stake, and staying in charge. His former wife Slavica controls another 8.5pc, the news agency Bloomberg said.

“You might as well have asked Frank Sinatra who he would appoint to replace him,” Ecclestone insisted.

CVC said in a statement that is remains F1′s biggest and controlling shareholder.

Felipe Massa has played down reports he is at risk of losing his Ferrari seat soon, insisting he feels fully supported by Ferrari.

The Brazilian has struggled at the wheel of Ferrari’s difficult 2012 car so far, scoring just 2 points compared with his teammate and joint championship leader Fernando Alonso’s 61.

It has triggered speculation the Maranello based team might replace him, also because Ferrari said after Barcelona it is “expecting” Massa to improve “right away”.

Whilst working at Maranello in the driver simulator on Friday, however, Massa insisted he has not been far away from Alonso at recent races.

“I think we must also take into account that, at the moment, Fernando’s driving is amazing: he is on super form, maybe even perfect,” he is quoted as saying in a Ferrari statement.

Asked if he feels the famous Italian team’s support, he added: “Absolutely, yes, I feel the whole team stands by me.

“Obviously, they are not happy with the results and neither am I: we all want to get out of this (situation) and return to normal.

“It’s possible and for sure it’s what I want and I know that with the team’s help we will manage it,” said Massa.

Flavio Briatore could be readying to burst back into formula one.

Germany’s Auto Motor und Sport said the ousted and formerly banned Italian is busily writing regulations for a ‘GP1′ championship.

They could be adopted should the FIA not sign up to the 2013 Concorde Agreement, according to the report.

Apparently, the political rumblings in F1 at present are not limited to the sport’s planned floatation, or Bernie Ecclestone’s spat with Mercedes.

Cost-control is also a buzzword. As reported recently, the vast majority of F1′s teams want the FIA to enshrine cost-cutting in the actual sporting regulations, even to the point of pushing for a once highly-controversial budget cap.

F1 chief executive Ecclestone, however, is not famously close with the FIA’s new president Jean Todt, and according to Auto Motor und Sport he is not convinced that the Paris federation needs to write and control the rules.

Enter Briatore. The German report said Ferrari will be a fan of the former Renault chief’s rumoured regulations, as they steer away from the premium on aerodynamics.

It is possible formula one teams will be limited to a budget cap in 2013, according to Germany’s Auto Motor und Sport.

The budget cap idea saw the sport almost implode amid the bitter political war of 2009, when proposed by controversial former FIA president Max Mosley.

But it is back on the agenda in 2012, and according to new rules – where a majority of teams can now push through a change – it could be imposed next season.

“Ten of the 12 teams are in favour,” Auto Motor und Sport said, referring to the push to have cost-cutting moved from the FOTA gentleman’s agreement to the actual sporting regulations.

It means that the two dissenting teams, the Red Bull-owned Red Bull Racing and Toro Rosso, will have no say.

“The cost to be competitive in formula one at present is too high,” the boss of the energy drink company’s premier team, Christian Horner, said recently. “I don’t think anybody will dispute that.

“The debate is how we achieve it.”

Not only that, the German report said nine teams are in favour of Mosley’s old budget cap idea, with annual expenditure limited initially to EUR 170 million and then diminishing to 100 million over a few seasons.

More than half of Michael Schumacher’s German compatriots think the seven time world champion will return to retirement at the end of this year.

After three years of retirement, the 43-year-old returned to F1 in 2010 on a three-year Mercedes contract, which runs out in 2012.

SID news agency commissioned the German market research company Promit to carry out a survey as to whether respondents think Schumacher will quit at the end of this year.

55.4 per cent answered yes, while only 26.2 per cent said they think Schumacher should sign on for at least another season.

The winner of a record 91 grands prix has failed to see the chequered flag in three of the five races so far this year, finishing just tenth in both Malaysia and Bahrain.

In contrast, teammate Nico Rosberg’s three top-seven finishes in 2012 included pole and victory in China, netting him 41 points compared with Schumacher’s 2 overall.

“I don’t think we can write him (Schumacher) off yet,” insisted Telegraph correspondent Tom Cary this week.

“His pace hasn’t been bad and he started the season very well. (He) was unlucky in quite a few races, his wheel fell off when he was running second in China and could have had a big haul of points.

“He is making mistakes in wheel-to-wheel racing though. But if he gets a few decent finishes or even wins a race then we could see him continue (in 2013),” added Cary.

Jerome d’Ambrosio is the latest name linked with struggling Felipe Massa’s Ferrari race seat.

While Mark Webber or Sergio Perez are the Maranello team’s more likely longer term solutions, Ferrari may be looking simply for a stop-gap solution, having reportedly run out of patience for Brazilian Massa’s lack of pace and results.

The French sports daily L’Equipe named d’Ambrosio, the Belgian driver who lost his Virgin/Marussia seat at the end of last season.

He is managed by Eric Boullier, and now Lotus’ reserve driver.

Also named as potential substitutes for Massa in recent days were Nico Hulkenberg, Paul di Resta and Kamui Kobayashi.

But, according to L’Equipe, d’Ambrosio “has the advantage of being immediately available, giving Ferrari time to find a more permanent solution” for 2013.

Also ready to step in now is Adrian Sutil, the former Force India driver who is putting his career back together after the Eric Lux assault affair.

“I have no money to offer,” the German is quoted as saying. “After five seasons, people know what is my level. I want a normal salary, that’s all.”

Pirelli stands ready to supply special ‘qualifying tyres’ to formula one teams next year.

With the emphasis of the sport’s spectacle now relying on the complex and heavily degrading control tyres, it was the qualifying session that suffered last weekend in Barcelona.

Arguably to the detriment of Saturday’s spectacle, teams took an exceedingly strategic view of the fight for pole position, with some drivers sitting out the decisive ‘Q3′ runout altogether.

One solution, according to Pirelli’s chairman Marco Tronchetti Provera, is the return of ‘qualifying tyres’.

The proposal has been made following recent criticism, notably by seven time world champion Michael Schumacher, of Pirelli’s 2012 product.

Tronchetti defended his marque’s approach.

“What we have is many competitive cars, which is what the teams wanted — opprtunity for everyone who is able to win,” he told Italian radio Rai GR Parlamento.

“So it’s fine if someone complains. We are available to the teams. We are ready to make qualifying tyres tomorrow.

“But they are choices that are not ours.”

Jaime Alguersuari has told Spanish publications he is “absolute certain” he will be on the 2013 grid.

“This is the best year of my life,” he told Mundo Deportivo, referring to 2012, the year after his young F1 career stalled when he was dropped by backer Red Bull.

“I’m only 22,” said Spaniard Alguersuari, who is now Pirelli’s main test driver and a co-commentator for British radio. “I’m in the prime of my life.

“It is increasingly clear that what happened with Toro Rosso was not a sporting decision. It was an internal decision and I don’t want to go deeper.”

He sounded confident about the future.

“It is 100 per cent that I will return in 2013. After being with Pirelli I will have very important knowledge. I knew that this transitionary step was necessary and I’m very happy,” said Alguersuari.

“If I had gone (to be test driver) with a team, with all due respect, I’d have no options now.

“I am developing a product (Pirelli) that nobody understands but that is vital for formula one — to know the tyres and to understand them. I’m in the right place,” he is quoted by La Vanguardia newspaper.

“I chose to be with Pirelli because I knew it would be the most important (element) in formula one.

“I know where I am and I know where I’ll be next year,” he insisted.

Martin Whitmarsh is sure McLaren’s recent errors will not affect contract negotiations with Lewis Hamilton.

The British team’s latest mistake not only cost Lewis Hamilton pole in Spain, it put the 2008 world champion to the very back of the grid.

Asked if he worries that the now seemingly constant flow of team gaffes will damage McLaren’s efforts to re-sign Hamilton, Whitmarsh insisted: “No, I don’t.

“He has got to build the support of the team, he has got to feel comfortable doing it, he has got to want to drive and he is in good shape,” British newspapers quote the McLaren team principal as saying.

“I look forward to working with him for a long time to come.”

But Whitmarsh admitted that, given Hamilton’s tumultuous 2011 season, he was worried the British driver might have despaired last Saturday when the team’s refuelling mistake cost the 27-year-old pole.

“I was concerned,” he said, “because it is a pretty tough thing to happen to a driver.

“But I have to say he showed some greatness I had not seen before. By the end of our chat he was consoling me.

“The relationship between Lewis and the team is stronger and better and hopefully we will work together for a long time,” added Whitmarsh.

The drama stepped up a notch even after the chequered flag in Barcelona.

A couple of hours after Williams’ first win since 2004, something exploded in the British team’s garage, triggering a major fire.

Team members and fire crews battled the blaze as paddock regulars scrambled away from the heavy smoke and police arrived on the scene.

The Telegraph’s Tom Cary said on Twitter there are “multiple injuries”.

It is believed Williams, Force India and Caterham staff – some of whom bravely fought the fire – are being treated in the medical centre, some for smoke inhalation.

An emergency helicopter will ferry others to hospital.

“Couple of our guys got injuries, burns and maybe one broken wrist, no news on Williams guys I hope they’re ok,” wrote Caterham’s Heikki Kovalainen on Twitter.

Rumours indicated the fire could have been caused by a KERS explosion, or possibly fuel, as a burned fuel rig was pulled from the gutted garage.

The penalty might be harsh, but the loss of Lewis Hamilton’s pole in Spain is just the latest calamitous mistake by McLaren.

That was the tone of the paddock’s reaction to the news late on Saturday that a McLaren gaffe saw the FIA send Hamilton from first to last on the Spanish grand prix grid.

The Sun newspaper called it a draconian “24-place grid penalty” imposed by the FIA after an “astonishing cock-up” by McLaren.

Hamilton was told on the radio to pull over after his pole lap due to a “technical problem”.

Sporting director Sam Michael argued ‘force majeure’, but the stewards ruled that it had been entirely McLaren’s fault that not enough fuel was put into Hamilton’s car to ensure a scrutineering fuel sample.

Writing in the Telegraph, Tom Cary said the severity of the disqualification “raised eyebrows”, but agreed that “McLaren’s mistake was horrendous”.

He said it has been “a season of errors” by the famous British team, who are yet to get Hamilton’s signature on a new contract beyond 2012.

“Hamilton must be seething,” read an article in the Daily Mail newspaper, while The Times laid out McLaren’s “catalogue of errors”.

27-year-old Hamilton’s “raw talent is being thwarted by mishap and cock-up,” said journalist Kevin Eason.

“McLaren are lovely people but how the hell do they get themselves in this position?” wrote the Mirror’s Byron Young on Twitter.

Even the non-English language media agreed.

“It was another great mistake by McLaren that could eventually cost Hamilton the championship,” wrote Livio Oricchio in O Estado de S.Paulo.

Italy’s La Stampa called McLaren’s fuel gaffe a case of “harakiri”.

Germany’s Auto Motor und Sport added: “It was error number 13 for McLaren since last year”.

While highly critical of McLaren’s own-goal, however, the feeling in the paddock is that the stewards’ penalty – although accepted by McLaren – was overly harsh.

“Back of the grid? Way, way too harsh”, said the Mirror’s Young on Twitter.

“Draconian penalty in my view,” agreed PA Sport’s Ian Parkes. “Dropping Q3 time would have sufficed.”

Sky commentator Martin Brundle added: “(I) feel they should have deleted that (Q3) laptime only which would have put him sixth”.

And excluding Hamilton from Q3 altogether would have put him 11th. Now, he will be “lucky to score a point”, Auto Motor und Sport predicted.

In the Independent, however, David Tremayne noted: “Welcome to the draconian world of F1.”

David Croft, the lead Sky commentator, said the FIA stewards had acted correctly.

“A good rule should be one that covers all eventualities with a penalty that acts as a deterrent which in this case is what happened.

“Too little fuel can’t be tolerated,” he added. “It seems harsh but had Lewis taken pole by one thousandth of a second, would it be harsh then?”

The Spanish fans – not Hamilton’s biggest supporters dating back to his spats with Fernando Alonso in 2007 – were happy.

Asked on the El Mundo website whether the penalty was fair, 76 per cent answered yes.

Valencia will not be on next year’s F1 calendar, Bernie Ecclestone said on Saturday.

He confirmed that, starting in 2013, an annually alternating deal between the Spanish port city and Barcelona will begin.

Barcelona, the scene of this weekend’s Spanish grand prix, will host the race in 2013, before Valencia returns to the schedule in 2014, the F1 chief executive told Reuters.

Less secure, meanwhile, is France’s touted spot on the 2013 calendar, particularly with the country’s new anti-F1 president Francois Hollande now taking power.

Until recently, the F1 chief executive was saying Paul Ricard was set to join the 2013 calendar, annually alternating a race date with Belgium’s Spa Francorchamps.

As for the state of the deal now, the 81-year-old admitted: “I have no idea. No idea what they (France) are doing.

“It’s a funny arrangement they were making anyway. So I just don’t know.”

Ecclestone is also working on a new deal for the popular Canadian grand prix, having told promoter Francois Dumontier that the Circuit Gilles Villeneuve needs to be upgraded.

“There are two ways of looking at it,” Dumontier, in the paddock of the Circuit de Catalunya, is quoted by La Presse newspaper.

“Either Bernie requires an annual fee windfall, or he will charge a reasonable fee and ask in return for investment in the infrastructure.”

He said the contract on the table is for 10 more years, taking Montreal’s existing deal through 2024.

Ecclestone said on Saturday that he is sure an agreement will be reached, because Canada is one of F1′s most loved destinations.

“I remember saying to Bernie, ‘New York, Austin, I don’t know why you want to go there. Your sure bet is Montreal’. He knows that.

“He’s been in Montreal for 34 years. And in the 22 years of the grands prix in the United States, they’ve had eight different cities.

“He said ‘You’re right’,” added Dumontier.

Another rumour, repeated by The Times’ Kevin Eason on Saturday, is that the planned 2014 Russian grand prix in Sochi “is doomed”.