FIA hopes to attract new team to F1

The FIA has announced to have opened a selection procedure to identify a possible additional team for Formula One in an attempt to fill the open slot that was left open with the demise of HRT.

Backed by an agreement for an intention to implement a cost cap by 2015, the FIA released a statement by which it announces its search for a new Formula One team.

"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 previous process saw three teams being added in Formula One under the promise that costs would be limited. Max Mosley at the time failed to get this finalised, leaving Caterham and Marussia the only remaining teams of that group after HRT failed to find sufficient money.

Interestingly, the FIA clearly states it wants to find a "competitive" entrant, making it obvious they are not happy with how the previous introduction of teams went.

The deadline for the procedure is on 3 February 2014, following which interested parties will be provided with further information.