British Formula 3 team Litespeed has revealed it will apply to become one of the 13 teams on the 2010 F1 grid and plans to run under the £40 million budget cap should its entry be accepted.
The Norfolk-based outfit says it will submit its application under the Litespeed GP name when the FIA opens the entry process next Friday, also announcing it has signed up Mike Gascoyne’s MGI company as technical consultants.
The optional budget cap, which will offer teams that opt to run inside it greater technical freedoms over those outside, has been introduced by the FIA to entice smaller independent teams back to the sport.
But the two-tier system the regulations are likely to create has been met with huge opposition by many of the existing teams, with car giants Ferrari, Renault and Toyota along with Red Bull all vowing to quit unless the rules are changed.
Litespeed team principal Nino Judge acknowledges recent developments mean doubts now exist over whether the regulations as published will stand.
But he says his outfit has decided to press on with its plans nevertheless as he believes potentially there will “never be a better time” for an outfit of its size to enter the top motorsport series.
‘We don’t yet know whether the cap team rules will be changed, and obviously we don’t know if our application will be accepted,” Judge said in a statement.


“The cap may be dropped altogether. “The point is that there is not much time for the project to get on to the 2010 grid and we have to take some risks in order to maximise time for preparation.
“Potentially, there will never be a better time to enter the F1 arena.
“The FIA has so far not only been bold in introducing the budget cap, but has evidently thought out the long-term prospects of this globally captivating sport.
“There is space and a need in the arena for independent teams and the technical leeway given to the budget-capped teams allows for a competitive performance within the financial parameters.”
The FIA is meeting the Formula One Teams’ Association for crunch talks over the budget cap in London on Friday, with the teams’ body determined to get the two-tier regulations scrapped.
Judge hopes the two sides come to a compromise deal that will still allow smaller squads to enter with the chance of being competitive.
“In times of crisis we hope that fortune will favour the brave,’ he said.
“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/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.”

Judge added that he expected the assistance from former Toyota and Force India technical chief Gascoyne’s MGI group to be invaluable.
"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,” he said of the firm which Gascoyne is managing director of.
“MGI will be working to Litespeed’s brief and will act as technical consultants to the team.Q
Litespeed, who says it will have fully-schemed F1 chassis ready by the middle of June, will find out whether it has gained a place on the 2010 grid when the FIA reveals the full entry list on June 12, with entries having to have been submitted by May 29.
The team’s application is likely to be joined by bids from Lola, Prodrive and the American team formerly known as USF1, having all expressed firm interest in joining F1 next year
And while the FIA’s decision to increase grid sizes to a maximum of 26 cars for 2010 theoretically means there are three new spots up for grabs, the ultimatums issued by the four existing team owners this week opens up the possibility of further new entrants should they carry out their threats and not lodge entries.

Source [www.itv-f1.com]