Litespeed to join F1?

The British Formula 3 team, Litespeed, is planning to place an entry bid for the 2010 Formula One World Championship season as a result of the FIA's plans for a £40m budget cap and greater financial assistance for new entrants as of next year.

Nino Judge, team boss of Litespeed, said: "In times of crisis we hope that fortune will favour the brave. Despite the potential backlash, which has become a reality, the FIA was not afraid to introduce pioneering measures to ensure the future of F1. We are confident that the FIA and FOTA will find a swift compromise which is good for F1 and that allows new teams, like ours, to enter. As an innovative, cost-efficient and engineering-based organisation, the budget cap initiatives fit with the very ethos of Litespeed GP, which is why now is the right time for us to make this announcement."

Litespeed has linked up with asset management group MGI, headed by former F1 technical director Mike Gascoyne and this could mean a key element for the team's F1 entry.

Judge continued: "We are delighted that MGI is on-board with us. Their expertise, experience and understanding of potential pitfalls are invaluable to any team to which they put their name and professionalism. MGI will be working to Litespeed's brief and will act as technical consultants to the team. There is space and a need in the arena for independent teams; the technical leeway given to the budget-capped teams allows for a competitive performance within the financial parameters."