Supercars squad LD Motorsport will be known as 23Red Racing next season, as part of a major restructure and a switch from Holden to Ford hardware.
As has been long rumoured the minnow team will scale back to a single car next season, and has confirmed the purchase of a Prodrive Falcon to replace its ageing Commodores.
The team will take on the FG-X Falcon that Cam Waters and Richie Stanaway used to win this year's Sandown 500.
The expected change in ownership has also been confirmed, with long-time LDM sponsor Phil Munday taking a major stake in the squad alongside Lucas Dumbrell.
"It's an exciting time, I'm looking forward to getting into the 2018 season," said Munday.
"It will be a big change from being a major sponsor to team owner next year, and I’m looking forward to bringing a fresh, modern team to the grid."
The restructure comes as part of a shake-up of Racing Entitlements Contracts, with the second LDM REC expected to end up underpinning Prodrive's entry for Richie Stanaway.
There's also scope for a technical link between the new 23Red venture and Prodrive, although that's yet to be confirmed.
The team is also yet to confirm a driver for the 2018 season, although a deal is believed to be done.
In terms of personnel, 23Red has brought in former Supercars driver Cam McConville to take on the Team Director role. McConville has been heavily involved with the Confederation of Australian Motor Sport since retiring from full-time driving, and spent this year running Zagame Motorsport's Porsche and GT programme.
He even made a one-off Supercars start for LDM in Darwin earlier this year, as the team cycled through drivers in its #3 entry.
Athletics superstar Usain Bolt was supposed to be part of the team's launch today in Newcastle, through his involvement with friend and former track star John Steffensen, who is unveiling a Carrera Cup car at the same time.
However Bolt fell ill overnight and pulled out of the launch.