May 1 (GMM) A group hopes to revive the defunct Grand Prix Masters series, where mature retired formula one drivers went wheel to wheel in high performance single seaters.

The series was last year declared bankrupt following three races in 2005 and 2006, when chassis supplier Delta Motorsport complained that its invoices had gone unpaid.

The fleet of 15 cars, based on the 2000-spec Reynard chassis for Champ Car, was bought by a group that is in the initial stages of planning for a series of races late this year, Autoweek reports.

1997 world champion Jacques Villeneuve would like to race, but that would require a reduction of the original minimum age (45) of competitors.

"I watched one of the first races on TV and thought that it would be great to compete against a guy like Nigel Mansell," he said.

Also on the initial GP Masters grids were Emerson Fittipaldi, Riccardo Patrese, Alan Jones and other famous names.

Villeneuve added: "If it happens, I really want to be part of it."

It is believed that the buyer of the cars is currently in talks with a possible investor.