Stefan GP has renewed its efforts to try and get a place in Formula 1, despite seeing its plans to get on the grid this season rejected by the FIA.
Team owner Zoran Stefanovic had worked hard to try and secure a place in F1 this season by using the 2010 Toyota cars, with Jacques Villeneuve and Kazuki Nakajima as drivers.
But despite Team US F1 having failed to get ready in time, the FIA ruled out letting Stefan GP in as replacement - and instead opened up the entry process for new teams.
Now Stefan GP has not only confirmed that it is eyeing one of the slots for next year, the team has also revealed plans to build a Serbian track that he hopes could host F1.
"Stefan GP would like to make a public announcement that the AMCO Corporation and its owner Zoran Stefanovic have today signed an agreement with the Mayor of Stara Pazova, located 25km from Belgrade, Serbia, to build the Stefan Technology Park," said a statement on Stefan GP's newly revamped website about the plans for the 3.5km circuit.
"This will include a racing circuit suitable for the competition of Formula 1, and a technical complex that will serve as Stefan Grand Prix's team headquarters upon completion in two years time."
The statement also said that Stefan GP would: "Like to officially announce our bid for the FIA 2011 Formula 1 world championship."
Team owner Stefanovic said: "I think this is an excellent development for our team, Stara Pazova city, region and country.
"This is proof that we want to put ourselves on the map as a serious high-tech company, and that we are serious about competing in Formula 1 for the long term."
"Bearing in mind that we will soon be on a par with top teams, in terms of facilities and organisation, as Stefan Technology Park looking to be compared with them, we expect many positive improvements in the future."
Stefan GP's website also revealed the drivers that the team held talks with for a potential seat for this year.
As well as confirming Villeneuve and Nakajima, the list included world rally champion Sebastien Loeb, and former F1 drivers Ralf Schumacher, Christian Klien and Takuma Sato.