The iSport International team that raced in the GP2 feeder series last year is considering entering a team into Formula One next season, according to its founder Paul Jackson.

Jackson told Germany's motorsport-magazin.com website that his team is a serious contender for entry on the basis that a budget cap will be introduced for the 2010 season.

“I aim to give a few people in Formula One a kick up the backside and to show them that they are chucking money out of the window for nothing,” Jackson said. “The existing teams aren't structured to operate within a £30 million budget, so it would probably be better to start with a blank sheet.”

Governing body for motorsport the International Automobile Federation (FIA) is currently in discussion with current teams over a proposed optional budget cap from next year. Those accepting a cap would be granted greater technical freedom compared to the restrictions imposed on teams continuing with unlimited budgets.

Jackson also said iSport were contemplating either an independent entry using their GP2 engineers or joining forces with a team already on the Formula One starting grid.

FIA president Max Mosley has said three new teams will be selected from those expressing an interest to enter with a budget cap. Current contenders for entry next year include Lola, Aston Martin and Prodrive chairman David Richards, and a planned US-based team

Source: Sport Business International