In the announcement, the FIA revealed revised requirements for future F1 teams

With the revised regulations in place, potential entrants must now meet a stringent set of criteria to be eligible for a spot on the grid.

There is a process that will take place for potential new teams to stake their claim to join Formula 1. This is because the governing body in the organization has now opened its application window to do so, hence new teams can now start campaigning for spots in Formula One racing.

The FIA informed the press that the process for surfing applications will involve thorough work including the technical capabilities and resources of the applicant's team, the ability of the team to raise and maintain sufficient funds to allow participation in the Championship at a competitive level, and finally the team’s experience and human resources. Besides the above, prospective teams will also have to showcase their ability to commit to Formula 1’s sustainability target of net-zero carbon dioxide emissions by 2030.

In the FIA’s announcement, confirmation was made that the maximum number of teams on the grid would be zeroed in at 12, meaning two new teams would be accepted at maximum in this process. This will bar any other constructors from pulling back out of the sport, and they anticipate a deadline of Sunday the 30th of April for formal applications, which will be in time for a decision from the FIA by 30 June.

They also indicated that they would be looking at their new candidates, if approved, to join the grid from the year 2025, 2026, or 2027 season onwards. This announcement will officially allow the Andretti-Cadillac joint bid to submit their interest in becoming a Formula 1 team in the future, with Michael Andretti and General Motors having announced their partnership in the days following the announcement that entries from new teams would be a green light.

Benjamin Durand, the chief executive of the Panthera Team Asia project, spoke exclusively and positively to PlanetF1.com and outlined their intentions to also file a bid to reach the Formula 1 grid in the aftermath of the governing body looking to expand the grid.

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FIA president Ben Sulayem said the growth and appeal of the FIA Formula One World Championship are at unknown levels. The FIA believes the conditions are perfect for interested parties or teams, which meet the selection criteria, to express a formal interest in entering the Championship. Manufacturers have attracted Audi to Formula 1 and created interest among other potential entrants.

There is no certainty that future candidates will be accepted by Formula 1 and its current teams. However, the sport itself reminded the FIA in the wake of its announcement that new teams must receive the approval and go ahead of both the FOM and the governing body, as well as the current teams themselves, as the current Concorde Agreement. Upon acceptance, the new teams must pay a $200m entrance fee to the already existing teams on the grid. This is done to avoid any obstruction of prize money as a result of another team being added to the grid.

Several team leaders have on some occasions spoken out against the idea of another team joining Formula One. This is because of the financial success the sport is currently enjoying as the fruits of its labor and the profits the current teams are making. The FIA’s announcement also insisted that the summed-up long-term interests of the Championship, involving all shareholders, will determine which candidates are selected.

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