The March 722 Formula 2 run by Swedish Formula One hero Ronnie Peterson in 1972 is in a position to re-compete in this weekend’s Oulton Park Gold Cup.

The March that F1 ace Peterson raced during the 1972 F2 season, chassis 17, will return to racing in the Historic Sports Car Club’s Aurora Trophy races at Oulton Park in the hands of new owner Nick Pancisi.

Peterson, a finalist in the F1 World Championships in 1971 and 1978, competed in some F2 races in 1972 and won the European Formula 2 Championship race at Thruxton during the Easter weekend.

During the 1972 season, the march also passed through emerging young German star Jochen Mass when Peterson made F1 commitments to the March Grand Prix team.

Tragically, Peterson died in September 1978 after a twist of fate on the first round of the Italian Grand Prix.

On 16 September 1972, Peterson won the British John Player Formula 2 Championship race at Oulton Park and the car had returned to the Cheshire track since that day, almost 48 years ago.

Now Peterson’s march is in a position to finish a long break from the race.

Pancisi bought Andrew Thorpe’s March a few years ago and rebuilt it through Gerry and Rob Wainwright over an 18-month period.

Pancisi ran a 1600cc F2 712 March.

After the 1972 season, chassis 17 went to South Africa where it raced as Formula Atlantic until 1984, basically in the hands of Gerry Ainscough and Alan MacDonald.

He then returned to the UK before being sold to Sweden and appears to have been running for many years.

He has been with Andrew Thorpe for almost a decade and probably hadn’t competed since 1984.

“This is the sister car of the Niki Lauda 722, which is owned and driven through by Stephen Weller. It’s a car,” Pancisi said.

He plans to drive to Oulton Park on Saturday morning and then, hopefully, drive him on Sunday and Monday.