FIA is officially inviting new teams to join the F1 grid in 2016 or 2017, with interested candidates required to show a formal expression of interest by 30th June 2015. The final application must be sent before 1st September 2015.
FIA will assess the applicant’s technical, financial and human resources, to ensure the team runs at a competitive level in the championship. It will also consider how much value the prospective team can add to Formula 1.
The sport’s governing body also warned that if none of the applicants fulfilled the desired criteria, no new teams will be added.
This move to boost the grid size was inevitable after the demise of Caterham last season. The cost of running Formula 1 has soared since the advent of V6 Turbo era and many teams are finding it hard to make their both ends meet.
10 teams currently compete in Formula 1 with American Haas F1 team set to join the grid next season. The rulebook currently allows up to 26 cars(or 13 teams) to compete in an F1 season.