There's currently applications being accepted for new teams for 2015. They have to pay £5k to apply and then have to provide evidence of how they can afford it, who their backers are, drivers, technology owned/ with access to, staff you have available etc. Applications close at the end of Jan.
£5k...Try $5 mill...!!! :yahoo:
No, $5k.
"Several specific requirements must be met for initial consideration to be added as a 12th team in Formula 1, according to the FIA. These include a $5,000 "initial registration" fee.
Other requirements include: "A cover letter introducing the candidacy; the candidate’s full contact details; the candidate entity’s certificate of incorporation, details of its administrative headquarters, the date of founding/registration, its company number, a copy of its statutes/memorandum and articles of association or equivalent as well as details regarding its management generally."
In addition, potential teams need to submit: "the identity of all shareholders and the ultimate beneficial owner of all shares; a curriculum vitae for each director and officer of the company; and information on the candidate’s relevant experience and capabilities, including technical experience, racing experience, facilities, equipment and engineering resources."
All of the above needs to be submitted to the FIA's Secretariat before 5:00 p.m. CET on January 3, 2014. Late submissions will be considered only at the discretion of the FIA.
The FIA indicates that once a formal expression of interest is filed, the full application process will commence. This will include a total application fee of $130,000 (against which the $5,000 will be applied). Among its selection criteria, the FIA has indicated the following may be considered: "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."