Luca Cordero di Montezemolo (left) and Maurizio Flammini (right)

A group of enthusiastic Italian investors who loves racing has been formally set up to propose Rome Grand Prix for 2011.

Headed by Formula Two ace and World Superbike Championship promoter Maurizio Flammini, their plans is to emulate the thrills of the Monaco Grand Prix.

Italy used to host two Grand Prix, one currently at Monza for the Italian Grand Prix, and another at Imola, the San Marino Grand Prix which was dropped from the F1 schedule back in 2006.

Currently only Spain has two Grand Prix, the Spanish Grand Prix at Barcelona and street-circuit Europe Grand Prix in Valencia.

Despite the desire and enthusiast support for a revival of a second GP in Italy, Ferrari boss Luca Cordero di Montezemolo ruled out a new Grand Prix in Rome.

He stated, “At least Monaco has its own history, but to have three or four Monacos is too much.”

But the Ferrari boss however is not dispelling a possible special one-off event to showcase Rome.