FIA set to launch 'expression of interest process' for potential new F1 teams

FIA president Mohammed Ben Sulayem has revealed that the governing body is considering launching an "expressions of interest process" to identify potential new teams aiming to enter the Formula 1 World Championship.

Sulayem tweeted the initiative on Monday afternoon but offered not detail about how the filter of sorts for new candidates would work or on what criteria the selection process will be based.

"I have asked my FIA team to look at launching an expressions of interest process for prospective new teams for the FIA F1 World Championship," read Ben Sulayem’s statement.

The initiative is nevertheless the first indication by the FIA that it is open to new teams joining the sport, a move that runs somewhat counter to Formula 1's own stance on the matter.

Last September, F1 CEO Stefano Domenicali poured cold water on an expansion of the grid beyond its current ten competitors, making it clear at the time that the sport did not need new teams.

• Read also: Andretti getting 'really close' to F1 entry decision

Formula 1's field has been comprised of ten outfits since the end of 2016, when Manor pulled out of the sport.

But American team owner Michael Andretti has put his company, Andretti Global, on the ranks to join the grid, even expressing no resistance to forking out the $200 million entry fee which is split between F1's current competitor base as an anti-dilution scheme.

Andretti has grown increasingly frustrated with F1's protective stance, but the American recently expressed his confidence that the sport and the FIA are nearing a decision regarding his F1 ambitions.

It's unclear if the FIA's "expressions of interest process", if it is confirmed as a new protocol, would require Andretti to re-start its application process, or if it must if the "new" process would enhance its chances of securing a slot on the grid.

In addition to Andretti Global, Chinese billionaire Calvin Lo is also exploring the possibility of forming a new team to enter Formula 1 in 2026.

The very low-profile Hong Kong-based entrepreneur has often been cited as the main funder behind Dorilton Capital's acquisition of Williams Racing in the summer of 2020.

Last August, speaking to Reuters, Lo said that Formula 1's remarkable growth in the past few years had caught Asian investors' attention, and that investment opportunities in the sport were being considered.

Several months on, Lo is now pondering a full blown effort to put a new F1 team on the grid by 2026, when F1 switches to its new power unit regulations.

Keep up to date with all the F1 news via Facebook and Twitter