GP2 team iSport International has confirmed its intent to enter Formula One next year should the £40 million budget cap remain in place.
The 2007 GP2 champions are in advanced talks with potential sponsors and investors and the team set to lodge an entry before the 29 May deadline.
Paul Jackson, team principal, said: “The budget cap is a realistic target for us to raise and I’m sure with our GP2 pedigree we will have a strong case for obtaining an entry.
“2010 is a rare chance for any new team entering, as new entries on the grid don’t come along too often.”
The FIA are today meeting with the Formula One Team’s Association (FOTA) to discuss the budget cap, and iSport will submit an entry provided the cap is not drastically changed.
Jackson said: “People in F1 have very short memories and, with the exception of Ferrari, no team is going to be greatly missed as people go to watch the drivers.
“You only have to look at Brawn this year and the huge fan base they have already built up to see how quickly things change and how quickly things can be forgotten.”