Our fabulous FREE-to-enter Fantasy F1 game sponsored by our pals at F1 Racing Magazine is now underway and there's a host of great prizes to be won.

For the winner we have fantastic pair of VIP tickets to the 2005 British Grand Prix.

And for the four runners-up, we have a year's subscription to F1 Racing Magazine plus a pair of passes to two days at next year's Autosport International show at the Birmingham NEC.

So get your team in now and you have taken the first step towards winning one of these great prizes because initial registration will be closed at midnight on Friday, March 5 ahead of the season-opening race in Australia.

It's a fun game for everyone where you will be your own F1 boss.

You have to pick a team of six drivers from the 20 drivers competing in the 2004 FIA Formula One Championship with a maximum budget of £50 million.

Groups will range from the pricier end of the market - for example, defending champion Michael Schumacher is valued at £19m; right down to the likes of Giorgio Pantano for just £1m.

Michael Schumacher will cost you a pretty penny

The target is to gain the most points from your combination of six drivers throughout the 18 rounds of the championship.

Points are scored in the following manner:

The winner of each Grand Prix collects 200 points, with second 150, third 120, fourth 100, fifth 80, sixth 70, seventh 60, eighth 50, ninth 40 and tenth 30.

Reliability of nominated drivers' cars is paramount as players get a point for every lap completed so drivers retiring on lap 34, you get 33 points.

Qualifying is also an issue: drivers qualifying on pole from the 20 drivers, gain 20pts, if you qualify last of 20, you get just 1 point.

There is also a 10pt bonus for collecting the fastest lap in the race.

So for example, if David Coulthard qualifies second on grid but won the race and set a fastest lap in a 70-lap race, he would win 299 points (200+19+10+70).

After each race, the transfer window opens on the following Monday and stays open until the Friday of the next GP, closing just before the final practice session.

Drivers can be changed as often as you like but the £50m budget cannot be exceeded at any time.

In the event of a tie, the winner will be the person who comes closest in the tie-break question.
The editor's decision is final.
For competition terms and conditions please click here.