Baljee, who owns the Peppermint Hotels chain, is understood to already be in talks with the scions of the Dabur India promoter family, Mohit and Gaurav Burman, to form a consortium. Other investors may also join in.

"Mohit Burman will be picking some stake in the Bangalore team, which is owned by Arjun Baljee," a source said.

According to another person familiar with the development, Mohit Burman -- who also has stake in IPL's Kings XI Punjab -- is evaluating a joint investment in i1 Super Series along with brother Gaurav Burman after losing out to Arindam Chaudhuri of IIPM for the Delhi Team.

Comments from Baljee could not be immediately obtained, while a spokesperson of the Burmans declined to comment.

Besides the Bangalore team, Machdar Motorsports -- the organiser of the racing series -- has also finalised owners for the Chennai and Hyderabad teams, which will be announced tomorrow.

Details could not be ascertained.

When contacted, Machdar Motorsports CEO Darshan M said an announcement will be made tomorrow regarding the development, but did not share details.

The i1 Super Series is scheduled to start in January, 2012, and nine city-based teams in
India will participate in the racing competition that will be held in India, the UAE, Malaysia, Bahrain and Qatar.

Bollywood actor Shahrukh Khan's KKR has already bought the Mumbai team of the league and Arindam Chaudhuri of IIPM has bought the Delhi team.

Each team owner will have to shell out a minimum of USD 20 million over a period of 15 years for team acquisition.

Machdar Motorsports is expected to spend around USD 5 million on marketing and advertising across media to promote the series.