The FIA's formal application process for potential candidates to join Formula 1 is a two-part affair that will filter out the weak hands and strain even the most-well funded propositions.
The sport's governing body has formalised the procedure and steps that anyone who is serious about joining the grid will need to address.
The selective criteria to become a member of motorsport's elite covers a team's funding and resources, experience and technical capabilities, its comprehensive sustainability plan and societal benefits as well as the personal track record of its mangers and shareholders.
In short, the FIA has put in place a massive barrier of entry - technical, financial and ethical - that ensures that no entity that ambitions to race in F1 enters the application process with loose ends.
Email Application:
The first step for a prospective team involves sending an email to the FIA informing the latter of its expression of interest and enclosing the following elements.
It must also sign a non-disclosure Agreement related to its discussions with the governing body, and provide a non-refundable administration fee of $20,000.
* A cover letter introducing the candidate.
* The candidate's full contact details, including the name of its primary contact person, telephone number, email address, and postal address.
* Company details, including address, articles of association and infrastructure details.
* The identity of all shareholders and the ultimate beneficial owner of all shares.
* A curriculum vitae for each director and officer of the candidate entity.
* Information on the candidate's relevant experience and capabilities in the automobile and/or motorsport sector, including technical experience, racing experience, facilities, equipment, and engineering resources.
Full entry application:
The FIA will supply to any suitable candidates the requirements for a full entry application by February 17 at the latest.
This stage of the process will require an application fee of $300,000 (from which $20,000 may be deducted).
The FIA will have the last word regarding a candidate's final requirements, but the following criteria and info are expected to be included.
1. The technical ability and resources of the team.
2. The ability of the team to raise and maintain sufficient funding to meet its financial obligations and be competitive.
3. The ability of the team to meet and comply with its obligations under the F1 Sporting, Technical, and Financial Regulations.
4. A detailed business plan (including financial projections) for the first five years of the project.
5. The team's experience and capabilities in the automobile and/or motorsport sector (including technical experience, racing experience, facilities, equipment, and engineering resources) and relevant staff headcount/ experience.
6. Whether the team and all individuals proposing to participate in the ownership, control, or management of the team are fit and proper persons.
7. Considerations of sustainability, EDI (Equality, Diversity, and Inclusion), and societal benefit.
8. The FIA's assessment of the value that the candidate may bring to the championship, including consideration of its reputation and integrity.
Formal applications must be submitted by April 30. The FIA will then undertake its analysis and due diligence on a team's candidacy and respond by June 30 at the latest.
The FIA says that additional selection criteria or conditions may be imposed by commercial rights holder Liberty Media
Formula 1's $200 million anti-dilution fee which is inscribed in the current Concorde Agreement and must be paid by any new entity that enters the sport still stands.
However, any new team that enters the sport after 2026 - or after the activation of an all-new Concorde Agreement - may have to pay a significantly higher anti-dilution fee as part of the new covenant between Formula 1 and the teams.
Gentlemen, start cutting through the red tape!
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