Four-time World Superbikes champion Carl Fogarty's team will return to the grid next year after signing a deal with Italian manufacturer Agusta.
Fogarty with the 2008 model MV Agusta
The Italian firm's president, Claudio Castiglioni, was the owner of Ducati when Fogarty won the 1994 title.
"Claudio shares my desire for success. It'll be great to work with him again," said Fogarty.
"Our initial aim was to continue racing in 2007 but it became clear that a 2008 start made more sense for the project."
Fogarty's team has been sidelined this year after a three-year partnership with Petronas ended when the Malaysian oil company withdrew its backing.
Castiglioni said: "We are happy to race with Carl Fogarty's team in 2008 and see this as a long-term relationship," he said.
"We always targeted 2008 as our debut year in the World Superbike series, when we will have sufficient resources to fully support such a challenge.
"When MV Agusta returns to World Championship competition, it must be with the ability to be competitive from the very first race, and to challenge for victory throughout the season.
"Everyone was impressed by the professionalism and dedication of Fogarty's team during their five years with Petronas and we are confident they can deliver the results we expect."
The team will race the new 2008 F4 R 312, which Fogarty is expected to ride in a special Parade of Champions at the centenary Isle of May TT Races in June.