Will F1 see any new teams in the coming season? The FIA (International Automobile Federation) have announced via their website “a new selection process to identify a candidate team to participate at a competitive level”.It added, “The overall long-term interests of the championship will determine which candidates are selected.”
The last time new constructors were admitted into the F! fold was in 2010. Spanish-based Hispania, Malaysian-owned Lotus Racing and Virgin Racing were the new boys on the grid expanded following the departure of established manufacturers Honda, Toyota and BMW.
None of these teams lasted long. They changed their name to HRT and then the team folded at the end of 2012. Virgin became Marussia and Lotus Racing now compete as Caterham.
Those entrenched in the sport are not surprised by this move by the FIA to expand the competition as there is renewed concerns about the financial health of some of the well established teams. There are also concerns about the profiles of the drivers with Sebastian Vettel being so dominant. The sport needs high profile drivers who can attract sponsorship dollars.
Any Interested parties are required to send an initial administration fee of USD$5 000 along with details on the identity of all shareholders in the team and the major shareholder.
The FIA has said the precise terms of the selection process would be communicated to those who register a formal expression of interest by 1700 on January 3, 2014 Paris time.
The total fee, required from all those possible racing teams submitting full applications, will be USD$130 000.
It will be interesting to see who puts their hand up in what is already a highly competitive field. The would-be new teams are expected to enter the fray in 2015 or 2016.