A new Spanish F1 team aims to put itself on the grid in 2021 with the help of junior outfit Campos Racing.
The effort involves the financial support of Monaco Increase Management (MIM), a motorsport management company based in the Principality and which looks after the interests, among others, of former Sauber F1 driver Pascal Wehrlein and Super Formula racer Alex Palou.
On its website, MIM describes itself as "a network of excellence where motorsport, innovation and high-tech business meet".
In Singapore last month, FIA president Jean Todt said he had yet to see any "relevant solid" projects from prospective F1 teams, but MIM insists it is moving full steam ahead with its plans to put its cars on the grid from 2021.
"From the first meeting with Chase Carey at the Spanish F1 Grand Prix in Barcelona on May 11th, and through the following meetings at F1 Group Headquarters in London with Ross Brawn on May 15th, and July 31st, it was clear that a Spanish team would fill a void left by the retirement of Fernando Alonso, and increase the interest of the Spanish fans and the TV and Media audience," MIM said in a statement releaed on Thursday.
"Further, the support of the Spanish Federation, the availability of the Campos Racing Facility, as well as the know-how of the Campos Racing Team, already competing and winning in Formula 2 and Formula 3, make Spain the perfect home for a new Formula 1 Team.
"We are now at an advanced stage of negotiations with current Formula 1 Teams and engine manufacturers to ensure the best possible partnership for a competitive Spanish Formula 1 Team from 2021 and onwards."
MIM adds that there are "two potential drivers for the 2021 season, Pascal Weherlein and Alex Palou, who are currently under contract with MIM".
Campos Racing CEO Salvatore Gandolfo said that F1's future regulation overhaul and transformation offered an opening for smaller teams to join the fray. As a reminder, Spain's first F1 team was HRT, initially founded by Adrian Campos and which raced in F1 from 2010 to 2012.
"Joining the Formula 1 World Championship in 2021 shall be a long-term project," Gandolfo said.
"We are aware of the big challenges ahead of us, but we have a team of experts working day and night and the financial solidity required by the FIA to make this project a success.
"With the new budget cap, the new distribution of incomes and the new technical and sporting regulations, there is a great opportunity for smaller teams to compete and ultimately to make the FIA Formula 1 World Championship more interesting and balanced again."
As motivated and ambitious as MIM and Campos appear to be, the FIA has yet to accept the new team's application for F1, a potential approval that should be delivered by the governing body by October 30.