FIA opens grid to prospective new Formula One teams

Formula One racing's governing body, the FIA, has launched a selection process that could bring a new team onto the grid for the 2016 or 2017 world championship.

Candidates must formally express their interest before June 30, after which they will be sent more detailed criteria. The FIA says full submissions must be registered by September 1, leading to a final decision on September 30.

The selection process will prioritise the "overall long-term interests of the championship" and all applicants will undergo a due diligence process to include assessment of:

• 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's statement added that "In the event that no applicant is considered suitable by both the FIA and the commercial rights holder, no additional team will be selected".

American squad Haas are set to become the 11th team on the grid when they join next year. An additional entrant could therefore boost the grid to 24 cars.