Tomoya Takahashi – president of Toyota’s racing arm, known as Gazoo – said the company aimed to “cultivate drivers, engineers, and mechanics” as part of the arrangement.

Toyota has in recent years found itself missing out on aspiring Japanese racing drivers and engineers to rival Honda, a source with knowledge of the deal has told BBC Sport.

The company believes having its own presence in F1 will help it counteract this.

Haas team principal Ayao Komatsu said: “To have a world leader in the automotive sector support and work alongside our organisation, while seeking to develop and accelerate their own technical and engineering expertise – it’s simply a partnership with obvious benefits on both sides.

“The ability to tap into the resources and knowledge base available at Toyota Gazoo Racing, benefiting from their technical and manufacturing processes, will be instrumental in our own development and our clear desire to further increase our competitiveness in Formula 1.

“In return we offer a platform for Toyota Gazoo Racing to fully utilise and subsequently advance their in-house engineering capabilities.”

Toyota’s return to F1 marks a significant step for both the company and the sport as a whole.

It withdrew from F1 after eight years running its own team from 2002-09.

In a decade marked by extensive involvement in F1 by car manufacturers, Toyota developed a reputation as the one with the biggest disconnect between budget and success.

The team, which was believed to be the best-funded in F1 at the time, failed to win a race.