Jeremy Renner is set to star in and produce the newly acquired Paramount film ‘Slingshot,’ which is based on the real-life story of car racer Bill Caswell, according to The Hollywood Reporter. The two-time Oscar nominated actor will produce the biopic with Don Handfield, who he recently started the production company Combine with. Handfield will also write the screenplay.

‘Slingshot’ will follow Caswell, played by Renner, a do-it-yourself, unemployed racer who bought a 991 BMV 318i on Craigslist for $500. Since he had time on his hands, Caswell refurbished the rusted car and began entering races.

During his first race, Caswell crashed the car within the first five minutes and blew the BMW’s engine. However, he eventually began winning races, even coming in third place at Mexico’s World Rally Championships. He was able to beat drivers with cars valued at over $400,000.

No director is attached to helm ‘Slingshot’ yet, but Handfield is under consideration. He’s currently working on post-production on his feature directorial debut, ‘Touchback,’ a sports drama.

‘Slingshot’ comes after Combine announced its first project, the biopic ‘McQueen,’ which will focus on actor Steve McQueen and is currently in development. James Gray wrote the script, and Ivan Zacharias is directing the film.

Written by: Karen Benardello