MILAN, Nov 2 (Reuters) - Richard Branson's Virgin Group will announce in a month whether it will sponsor Formula One world champions Brawn GP again next season or invest in a new team.

"In a month we'll let you know our plans," Branson told a news conference in Milan on Monday after returning from the season-ending grand prix in Abu Dhabi.

Virgin has been linked in the media with a sponsorship deal with new team Manor GP for next year. Branson said he was fully behind Formula One plans to further cut costs.