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You too could have a pair of cars on the Formula One grid from 2015. Picture: Paul Gilham

Formula One's governing body is asking for expressions of interest from would-be new teams that could enter the sport from 2015 or 2016.

The International Automobile Federation posted a note on its website on Wednesday announcing “a new selection process to identify a candidate team to participate at a competitive level”.

“The overall long-term interests of the championship will determine which candidates are selected,” it added.

Formula One last admitted new constructors in 2010, when Spanish-based Hispania, Virgin and Malaysian-owned Lotus brought a depleted grid back up to 12 teams following the departure of manufacturers Honda, Toyota and BMW.

MONEY PROBLEMS

Hispania later became HRT and folded at the end of 2012, while Virgin became Marussia and Lotus is now competing as Caterham.

The FIA move comes at a time of renewed speculation about the financial health of even some of the well established teams and an increasing need for drivers who can bring sponsorship with them.

Kimi Raikkonen, the 2007 world champion, cited non-payment of wages as one of the reasons why he decided to leave Lotus and return to Ferrari in 2014.

DEADLINE

The FIA said the precise terms of the selection process would be communicated to those who registered a formal expression of interest by 5pm Paris time on 3 January 2014.

Interested parties would be required to send an initial administration fee of $5000 (R52 000) as well as details of the identities of all shareholders and ultimate beneficial owner of all shares.

The total fee, required from all those ultimately submitting full applications, will be $130 000 (R1.35 million).

The governing body added: “The FIA anticipates that full applications will need to be submitted by 10 February 2014, leading to a decision on 28 February.” - Reuters


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