It has been established by David Richards that he has entered an entry under the banner of Prodrive with the FIA for the world championship next year.
The F1's decision to put a budget cap has motivated Richards to enter F1, but the level and timeframe for this is still the subject of much debate among teams that have already been established. Prodrive chairman Richards expressed his appreciation for the support of FIA and FOM as they were putting their F1 team entry together.
Funding was assisted by Dar Capital, together with their understanding of the most current proposals to help new teams, Prodrive deemed it the appropriate time to request the FIA for an entry into the F1.
The latest entry of Prodrive is exactly 18 months after its last attempt to join F1 which was prevented due to a ban on customer chassis; with the team which struck a deal to get cars from McLaren.
The relationship with McLaren is seen to remain in the technical partnership level, with engine package still to be unveiled.
The project will be financially supported by two Middle-East-based financing firms, one of which is Dar International, a logistics and property company.
Prodrive is the third new entry to apply for one of the three positions available currently in the 2010 season after Campos Metal 1 and US F1. Although Aston Martin is not mentioned in this report, it is expected that the team will rebrand as Aston Martin from 2012.