Formula One chairman Chase Carey is donating $1 million to set up a new foundation as part of an initiative to increase diversity in the sport.
Formula One said in a statement on Thursday that the foundation would finance primarily internships and apprenticeships for under-represented groups.
"We fully recognise that Formula One needs to be more inclusive and diverse. While we set out our strategy last year to improve the position of our sport, we need, and want, to do more," said Carey.
"That is why we will establish a Task Force to listen and ensure the right initiatives are identified to increase diversity in Formula One.