FIA opens selection process for new team to enter Formula 1 12 December, 2013 Formula 1′s governing body sought expressions of interest on Wednesday from would-be new teams that could enter the sport from 2015 or 2016. The International Automobile Federation (FIA) posted a note on its website 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 1 last admitted new constructors in 2010, when Spanish-based Hispania, Virgin Racing and Malaysian-owned Lotus Racing expanded a depleted grid to 12 teams following the departure of manufacturers Honda, Toyota and BMW. Hispania later became HRT and folded at the end of 2012, while Virgin became Marussia and Lotus Racing are 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 next year. The FIA said that the precise terms of the selection process would be communicated to those who registered a formal expression of interest by 1700 Paris time on Jan 3, 2014. Interested parties would be required to send an initial administration fee of $5,000 as well as details about the identity 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. “The FIA anticipates that full applications will need to be submitted by Feb 10, 2014, leading to a decision on Feb 28, 2014,” the governing body added. (Reuters) Subbed by AJN. Related NewsGerman Grand Prix: Managers press conferenceGerman Grand Prix: Drivers press conferenceTodt open to improving new era Formula 1German Grand Prix: The Big PreviewRevised British Grand Prx gridBritish Grand Prix: Qualifying press conferenceBritish Grand Prix: Team representatives press conferenceIn-depth interview with F1 race director Charlie WhitingWhiting defends grid restarts amid driver criticismBritish Grand Prix: Drivers press conference McLarenfan Why is it that the FIA appear to be nothing but parasites every single thing they are doing is to pack the cash in to the FIA’s Bank. Administration fee $5,000 All the details of shareholders (Whats in their banks ££££££). All applicants end up giving these leaches $130,000 to see if they can enter, subject to the parasites knowing how much cash they can syphon from those entrants over the next couple of years. Jack Agreed. Many teams on the grid struggling? Hey yeah lets add another team, what a fantastic idea! . . . . …Not Boycottthebull This is about the FIA keeping their cash cow alive and well. They have bled the teams so dry some of them are about to go under. What better way to ensure that there is plenty to plunder by seeding some new teams to fill the void when others go under. matthew @jack so your saying more f1 teams is a bad thing? I know the FIA is sucking the teams dry, but they are fully aware of what they signed up for. More teams is always a good thing. The more competition, the more entertainment we fans will have. David If the FIA ran the ruddy thing properly I suspect there would be several teams/companies willing to try their luck. But this constant generating of bad publicity, air of corruption and silly rule changes is off-putting to say the least.