A new Formula One competition for young female drivers will start next year.

The F1 Academy will be introduced in 2023 to develop and prepare drivers with the aim of progressing to competitions such as F1, Formula 2, Formula 3 and W Series.

There will be five teams, run by current F2 and F3 constructors, with three cars each to make up a grid of 15.

The inaugural series will include 21 races, with three taking place at seven events on the calendar.

Drivers will be competing in cars with a Tatuus T421 chassis, with Autotecnica supplying turbocharged engines that will produce 165 horsepower.

CEO of Formula Motorsport Limited Bruno Michel will manage the new series, with F1 to subsidise the cost of each car with a budget of €150,000 - with drivers covering the same costs.

"Everyone should have the opportunity to follow their dreams and achieve their potential and Formula One wants to ensure we are doing everything we can to create greater diversity and routes into this incredible sport,” said F1 president and CEO Stefano Domenicali said.

"That is why I am delighted to announce the F1 Academy that will give young female drivers the best chance to fulfil their ambitions through a comprehensive programme that supports their racing careers and gives them everything they need to move into F3 and hopefully to F2 and then the pinnacle of Formula 1.

"The more opportunity there is the better and this is designed to provide another route for the drivers to succeed."