foxgog: Hello once more!
Forget about my guess of "Grand Prix 2" or "Grand Prix 3", because I think I found it.
("Grand Prix 2" is too old and "Grand Prix 3" to new or advanced in comparison with the posted screenshot, anyway.)
Going through the Formula 1 games I still own or did own in the past, I stumbled upon "
Racing Simulation 2" (also known as "
Monaco Grand Prix Racing Simulation 2").
Compare the attached screenshots to find that not only do the car model and textures ("Team One") match, but also the skybox colors, side walls texture and most characteristically the standing 2D bilboards at the front of the otherwise flat slope texture of the viewer's ranks.
This last feature got me on the trail, since I have not seen it done this way (sometimes even with standing bilboards both in the front and back row) in any other Formula 1 racing game! Others have used either the flat texture mapping or a series of bilboard rows.
By the way, I did own "Racing Simulation 2" only for the PS1, but do not remember how it compared to other F1 games of the time and system(s) besides that it did not had any licensed names.
My favorites still being also my introduction to Formula 1 video games, such as "Nigel Mansell's World Championship" and "Newman Haas IndyCar Racing" on SNES, "Formula 1" and "Formula 1 97" on Playstation and the more simulation heavy one's like "Geoff Crammond's Grand Prix 3" & "4".--unfortunately, I never got my hands on the famous "Grand Prix Legends".
Kind regards,
foxgog
After doing a bit of research it seems the game I posted is a reskin of the one you found, so I'll give it to you. It was a free game you got in boxes of Frosties in the UK in 2003/4, it was a PC game. It did seemsa strange that they would develop a whole game for for a promotion, even if it was ultra budget.
Never got to post my clue saying the game was ggggggreat.