The team will contest the 12-round championship on the latest version of Honda's best selling sports machine with both riders determined to be successful.

Muggeridge, 27, finished seventh in this year's World Supersport championship after taking fifth - and his only race win so far - in the 2000 championship. He believes: "This new team is really exciting and I'm convinced we have everything in place to become world champions."

McGuinness, also 27, is twice an Isle of Man TT winner and former British 250cc champion. He switched to the Supersport class for 2001 and finished third in the British championship. "Moving to the world stage is a big step but one I'm ready for. The World Supersport championship is the closest-fought series in the world so I'm under no illusions about what's ahead."

Muggeridge and McGuinness, who were born within four days of each other in April 1974, will begin testing at the Valencia circuit in Spain next week.

Team manager Roger Harvey adds: "Karl and John have every reason to believe they can be successful next year. We have the right machine in the CBR600F Sport and the technical partners we are talking to are excited about our 2002 prospects."

Harvey continues: "Honda won five of the 11 World Supersport rounds in 2001, if we can help increase that to seven or eight and take the title we'll achieve our ambition."

2002 World Supersport championship calendar

1. March 10 - Valencia, Spain
2. March 24 - Phillip Island, Australia
3. April 7 - Kyalami, South Africa
4. April 21 - Sugo, Japan
5. May 12 - Monza, Italy
6. May 26 - Silverstone, GB
7. June 9 - Lausitzring, Germany
8. June 23 - Misano, San Marino
9. July 28 - Brands Hatch, Europe
10. September 1 - Oschersleben, Germany
11. September 8 - Assen, Holland
12. September 29 - Imola, Italy.

NB:  The new team announces Motorex as their oil sponsor, not Castrol...