Codemasters have announced details of a new video game, ‘F1 Online: The Game’. But don’t worry about your pockets being empty after the release of F1 2011,  the game will be free to play in your Internet browser.

You’ll be able to create our own racing team, design the livery, manage sponsors and then brag about how great it is over social networking sites. Sweet!

The game itself looks set to combine the enjoyment of a top down racing game like ‘Micro Machines’ with a motorsport management game similar to the ‘Grand Prix Manager’ series.

Below are some screenshots but just remember it’s still work in progress.

The game will be released in early 2012.

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F1 Online: The Game