Dec 11, 2013, 8:45 PM EDT
After 11 teams contested this year’s Formula One World Championship, the FIA is now looking for a 12th franchise to join the F1 grid in either the 2015 or 2016 season.
Potential entries have been asked to submit a formal expression of interest and an initial administration fee of $5,000 to the FIA by Jan. 3, 2014.
In its call for a new team, the FIA mentioned several criteria for selection including:
- The technical ability and resources of the team;
- The ability of the team to raise and maintain sufficient funding to allow participation in the championship at a competitive level;
- The team’s experience and human resources;
- The FIA’s assessment of the value that the candidate may bring to the championship as a whole.
The FIA also said that they anticipate full applications will need to be submitted by Feb. 10, 2014, with a final decision set for Feb. 28, 2014. However, they did leave themselves an out in regards to finding a new team.
“In the event that no applicant is considered suitable by both the FIA and the commercial rights holder, no additional team will be selected,” the call stated.
The last time new teams were admitted into Formula One came in 2010, when Hispania, Virgin Racing and Lotus Racing joined the series. Hispania became HRT and then folded at the end of 2012, while Virgin and Lotus Racing have morphed respectively into their current forms as Marussia and Caterham.
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