Litespeed GP shows interest in Formula 1
As major teams like Toyota, Red Bull, Ferrari and Renault are expressing their objection against the 2010 budget cap system, other smaller teams are finding that the budget cap can help bridge them into Formula 1, since it offers many perks for new entries. Litespeed GP, has chosen to go along with the latter. The British Formula 3 apparently reveled that it intends to put in an entry for the 2010 season, before the June 12th deadline.
MGI Ltd, asset management group run by former F1 technical director Mike Gascoyne has also revealed its partnership with Litespeed for the Formula 1 project. “We are delighted that MGI is on-board with us,” said Nino Singh Judge, team boss. “Their expertise, experience and understanding of potential pitfalls are invaluable to any team to which they put their name and professionalism. MGI will be working to Litespeed’s brief and will act as technical consultants to the team.”
He also added that “There is space and a need in the arena for independent teams; the technical leeway given to the budget-capped teams allows for a competitive performance within the financial parameters.” “We are confident that the FIA and FOTA (Formula One Teams’ Association) will find a swift compromise which is good for F1 and that allows new teams, like ours, to enter. As an innovative, cost-efficient and engineering-based organization, the budget cap initiatives fit with the very ethos of Litespeed GP, which is why now is the right time for us to make this announcement,” Singh continued.
Now the FIA is overwhelmed with more new team entries, as it revealed earlier that it can only take in a total 13 teams for the 2010’s grid. Thus far, USGPE which is pretty much confirmed, Lola, Prodrive and iSport from the GP2 series have expressed their interest for the 2010 grid. Super Aguri shot down a recent rumor that it intends to make a come back. It is crucial for the FIA to make the right decision, or they will risk losing participation from current big spenders.
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