Grand Prix Formula 1 stories

Prodrive Chairman David Richards confirmed on Friday that the UK company has lodged an entry for the 2010 FIA Formula One World Championship, after agreeing financial backing from investment bank Dar Capital. Richards said that while the FIA’s planned budget cap for next year was higher than originally expected, Prodrive had decided the time was right to join the Formula One ranks.

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“We are very appreciative of the support we have been given in putting together our entry, not least by both the FIA and FOM,” said the ex-F1 team principal. “With the help of Dar Capital, in raising the finance, coupled with our understanding of the latest proposals to assist new teams, we now feel the conditions are right to formally request the FIA for an entry.

“The level of next year’s cost cap has risen substantially since we originally considered entering. However everyone appears committed to major reductions in future years and when one takes into account the transition proposals for new teams we are confident that we now have the opportunity to be both commercially viable and competitive. As we have said all along, we don’t want to be in Formula One just to make up the numbers.”

In April 2006 Banbury-based Prodrive beat 21 other hopefuls to be named the 12th team on the Formula One grid for the 2008 season. However, Richards had hoped to use chassis supplied by McLaren, and following uncertainty over the legality of customer cars, the team decided to pull out. News that a cost cap was to be introduced for 2010 reignited their F1 hopes.

Teams wishing to become one of the 13 racing next year have until Friday evening to submit their entries to the FIA. The successful entrants will be revealed on June 12.