Prodrive has become the third new team to confirm it has submitted its entry for a place on the 2010 grid ahead of Friday's midnight deadline.
The Banbury-based outfit, owned by former BAR boss David Richards, originally announced last month that it was “very serious” about reviving its Formula 1 ambitions following the FIA’s planned introduction of a then £30 million budget cap.
And while the spending ceiling has since been raised to £40m and further increases for next season now look likely as the FIA brokers a compromise solution with the existing teams, Richards has given the green light to proceeding with Prodrive’s application.
Richards believes his organisation – which had originally been set to enter in 2008 but ditched its plans due to uncertainty over customer cars – has the budget to compete thanks to support from Kuwaiti investors and the money to be made available for new entrants.
“We are very appreciative of the support we have been given in putting together our entry, not least by both the FIA and FOM,” Richards said in a statement.
“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,”
Even before its original scheduled entry in 2008, Richards made it clear he had no interest in taking Prodrive into the sport if it didn’t have a chance of being competitive.
As a result Prodrive was set to enter as a customer McLaren-Mercedes team, before a row over the legality of customer cars beyond 2010 scuppered its plans.
And while the financial goal posts have changed since it initially revised its F1 interest last month, Richards is sure Formula 1 is nevertheless entering an era of austerity which will mean Prodrive’s pre-entry conditions are met.
“The level of next year’s cost cap has risen substantially since we originally considered entering,” he said.
“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 1 just to make up the numbers.”
The Prodrive statement included no mention of Aston Martin – the iconic car brand co-owned by a consortium which includes Richards and Kuwaiti company Investment Dar – but Richards previously suggested the name could be brought into F1.
Prodrive joins fellow prospective entrants Team US F1 and Campos Racing in confirming it has lodged an entry for 2010, while Williams is the one existing team to also sign up.
The other nine FOTA teams, however, look increasingly likely to follow after they agreed on a compromise ‘glide path’ budget cap solution.
Prodrive boss David Richards
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Meanwhile back at the ranch.... by 'Doink' (29 May 2009 @ 12:57)
