Motorsport’s organizing body, the FIA, has put out a tender for a 12th team to enter the Formula One World Championship from the start of the 2015 or 2016 seasons. The process is similar to what the FIA did in 2010 when three new teams were selected from 15 applicants. Those teams were HRT, Lotus and Virgin.
The Lotus team was rebranded Caterham (the current Lotus team is a rebranded Renault) while Virgin was rebranded Marussia. HRT was disbanded at the end of the 2011 season, leaving the current 11-team arrangement.
Any interested parties will need to submit an application by February 10, 2014. A decision will be made by February 28.
There will be a rigorous due diligence process where applicants will need to prove they have the ability and resources to run a team for the foreseeable future as well as prove they have the ability to raise and maintain sufficient funding to compete at a competitive level.
Of course, the long-term interests of the sport will also determine which applicant is finally selected._______________________________________Follow Motor Authority on Facebook, Twitter, and Google+.