[2][5][6] The FIA tender to supply and operate the Championship was awarded to the British MotorSportVision Racing company, owned by former Formula One racer Jonathan Palmer.

[2][3][7] Compared to rival series such as GP2 and Formula Renault 3.5, Formula Two cost significantly less per season whilst allowing drivers to prove their skill and develop their racecraft, in identical vehicles designed by a six-man team from Williams Grand Prix Engineering,[2][3] led by Director of Engineering Patrick Head.

[8][9] The F2 vehicles were assembled and prepared between races at MotorSport Vision's Bedford Autodrome facility, prior to each championship event.

[10] Named after both Jonathan Palmer and Patrick Head, the Williams JPH1[1] chassis and survival cell is of carbon fibre composite monocoque construction.

This means that a driver's finances had no effect on performance and no one could gain an unfair advantage as every car was operated by the same team.