The FIA, motorsport’s global governing body, has launched a tender process seeking expressions of interest from would-be new teams for a potential slot on the Formula One grid from the 2015 or 2016 season of the motor racing championship.

The potential addition of a new team would be the first change to the F1 line-up since the HRT outfit exited the sport in 2012. HRT, then in the guise of Spanish-based Hispania, was one of three new teams added in 2010, expanding the grid to 12 teams. Fellow newcomers Virgin Racing and Lotus Racing are now competing under the banners of Marussia and Caterham respectively.

In a statement the FIA said: “The FIA has decided to open a new selection process to identify a candidate team to participate at a competitive level in the FIA Formula One world championship from the start of the 2015 or the 2016 season up to 2020 inclusive. The overall long-term interests of the championship will determine which candidates are selected. The precise terms of this selection process, together with the applicable selection criteria, deadlines, legal requirements and other conditions, will be communicated to candidates who have registered a formal expression of interest with the FIA’s Secretariat before 5pm CET Friday 3 January 2014.”

Interested parties are required to submit an initial non-refundable administration fee of $5,000 (€3,676), along with details about the identity of all shareholders and the ultimate beneficial owner of all shares. A total application fee of $130,000 will be required from those submitting full applications. The governing body added: “The FIA anticipates that full applications will need to be submitted by February 10, 2014, leading to a decision on February 28, 2014.”

Source: Sportbusiness