Red Bull will operate its own Formula 1 engine program for 2022 out of a rejuvenated building at its existing team facility in Milton Keynes.

"We are happy with this decision," Dr Helmut Marko told the n-tv broadcaster after the FIA confirmed that teams voted to approve a 2022 engine development freeze.

Red Bull had warned that only a freeze would make taking over departing partner Honda's engine program viable.

"It a good day for Formula 1 - a day of common sense to freeze the engines, because the costs are simply reduced," Marko added.

As soon as the news was official, Red Bull pressed 'go' on plans for a brand new company.

"It will be called Red Bull Powertrains," Marko told motorsport-magazin.com, announcing that the facility will be built at the team's existing factory.

"Building eight, one of our existing buildings, is being adapted into an engine shop," he revealed, adding that the Austrian engine firm AVL will also be involved.

"Everything is happening now - it's starting now," Marko said.

When asked why Red Bull didn't simply take over Honda's locally-based operations, he explained: "The Honda shop is more geared towards the electric motors.

"There are not enough or even the latest test benches to carry out the necessary optimisation of the engines."

And Marko said the "one-time investment" of the facility and test benches should even prepare Red Bull to be able to handle the all-new engine regulations of 2025.

"The running costs will not be so much higher than if we had bought an engine from somewhere else," he insisted. "It costs more, but not significantly more."

And some of those extra costs may be recouped by selling the naming rights to the 2022 Honda-based engine.

"Not another automaker, of course, but some other interested company," said Marko.