The spirit of Australia’s first Formula One world champion Sir Jack Brabham is set to live on with the launch of a new racing team funded by fans.

Sir Jack’s son David is heading up Project Brabham in a bid to return the iconic name to the F1 grid and continue the family legacy.

With the initial goal of entering the FIA World Endurance Championship in 2015, the London-based project is seeking to raise STG250,000 ($A456,000) in a crowdfunding campaign.

The project will bring the iconic name back to motorsport after the original Brabham racing team, founded by Sir Jack in 1960, shut up shop in 1992.

Team principal Brabham, a former F1 driver himself, said sourcing money from supporters is a more sustainable approach to the project than corporate or private funding.

“The normal racing model was not exciting or sustainable enough for me to rebuild the team from scratch,” he said.

“To bring Brabham back, we have to do things differently.”

Supporters will be given rare inside access throughout the process – from its investor search and driver selection, to its first car build, test and race.

They will later also have access to behind-the-scenes footage, live telemetry and radio communications on race weekends.

“(This model) gives people the chance to be part of the team from the start.

“We will open the door to people. (It) will bring fans closer to the action, inspire drivers and engineers around the world.”

Brabham has slated a three-year LMP2 program in the FIA World Endurance Championship, followed by a shot at LMP1 in year four at the Le Mans 24 Hours.

Further down the track, Brabham hopes to return to Formula One.

On Thursday, just a day after launching, the project had raised over STG13,000 ($24,000).

Sir Jack Brabham, who died in May this year, won the Formula One world championship in 1959, 1960 and 1966.

He was the first driver to win the title in a car baring his name.