Formula One news

Litespeed to make jump to F1?

The Litespeed team is planning to place an entry bid for next year's Formula One World Championship, after governing body the FIA announced plans for a £40m budget cap and greater financial assistance for new entrants as of 2010. The British Formula 3 squad has linked up with asset management group MGI, headed by former F1 technical director Mike Gascoyne, with a view to putting the team forward for entry before the 12 June deadline.

The FIA's proposed ideas for next year would see those teams running under the cap gain more technical freedom than rivals, with new entrants receiving benefits including free shipping for cars and components in their first season, as well as airline tickets for 20 team members for long-haul flights during the season.

The MGI group was set up by Mike Gaycoyne in 2001

"In times of crisis we hope that fortune will favour the brave," said Litespeed team boss Nino Judge, currently in charge of the BF3 cars of Britain's Jay Bridger and Brazilian Victor Correa. "Despite the potential backlash, which has become a reality, the FIA was not afraid to introduce pioneering measures to ensure the future of F1. 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 organisation, 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."

Now joined by MGI Ltd, the experience of Mike Gascoyne - last in F1 with Force India in 2008 - would be a key element for the team. "We are delighted that MGI is on-board with us," Judge continued. "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.

"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."

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