Nick Molloy's approach to motor racing is earning him a reputation as man to be watched, in more than one sense.

The 27-year-old entrepreneur who set up Marvelous Sports Management last year is determined to break down the barriers that keep the sport as a preserve of the rich, keeping out talent that does not have a family fortune behind it.

Mr Molloy graduated from university in 1996 with a degree in marketing.

Having investigated the possibility of becoming a football agent, he ended up at a leading information technology recruitment firm as a sales consultant.

Starting on a salary of £13,000, he rose to a six-figure income and became the firm's top sales manager within two years.

His success was too much for the firm to cope with and it took steps to curb his earnings. The move ended up in court with Mr Molloy walking away with enough money to start Marvelous Sports Management at his Crawley home.

The company was named after his sporting hero Marvelous Marvin Hagler.

Mr Molloy said: "I'm an athlete and I've always wanted to do something in sport. Motor racing became favourite after I met up with Paul Lambert, a key mover and shaker in motor racing circles.

"After a few meetings, I saw there was a gap in the market to become involved.

"Motor racing is very different from other forms of sport in that it is not meritocratic in any way. If you are an athlete, you turn up and you run and you are selected on how well you perform.

"It's not the same in motor racing. If you have talent it doesn't mean you are going to get anywhere. It is the playground of the rich and it is very elitist. A whole host of wealthy people who fund their sons. That is the road to Formula One."

In the driving seat of the Marvelous racer is 21-year-old Adam Blair, who has been mad on cars since junior school.

He said: "When I was ten, I bullied my parents into buying a go-kart and I started racing. When I was 12, I made a conscious decision to make it all the way to the top and become the fastest racing driver in the world."

Mr Molloy said: "Adam is about the most determined person I've met and has the talent to go all the way."

Motor racing is divided into five leagues with Formula One at the top, followed by Formula Three, which Marvelous races in.

To keep the car on the road is an expensive business. That is what Mr Molloy and his team of three at the company's Crawley offices are involved in.

Their business is about finding sponsorship for the car and remembering that each sponsor is a client with expectations.

Mr Molloy said: "To get involved in motor racing at a level where you can earn a living from it you need anything from £500,000 to £2 million.

"At Formula Three level, Adam's budget this year is £170,000 and it is the job of Marvelous Sports Management to come up with the money.

"To get the idea off the ground I had to find a couple of investors who were prepared to buy into Adam's future earnings. I approached just about everybody under the sun and found two who were interested but they want to remain anonymous.

"Anyone in Formula One can make huge amounts of money. Michael Schumacher was the richest man in sport last year with earnings around 100 million dollars (£71 million).

"So anyone getting ten or 15 per cent of that is getting a good return."

For the team's next outing in a support race at the British Grand Prix meeting at Silverstone next week, the sponsorship has been sold to toy car maker Hot Wheels.

Mr Molloy said a new competition was due to launched next year.

He said: "It will be called Premier One Grand Prix and will have racing teams backed by Europe's top football clubs."