F1 looks to new economies for future teams

"India is a booming market, China is a booming market, Russia is growing also, for us it's the biggest market now in Europe," he told a news conference at the Turkish Grand Prix.

"I foresee that from these countries, where there is very strong economic strength, there is the potential for teams to enter Formula One.

"It is technically challenging and it probably also depends on what those backers or potential entries perceive as Formula One and the benefit it can offer," added Howett.

"So it probably also has some relevance as to the future positioning of Formula One as a sport."

Formula One started the season with 11 teams but was reduced to 10 this week when Honda-backed Super Aguri announced their withdrawal for financial reasons.

However, 2008 has also seen the arrival of Force India, the former Spyker team bought by Indian billionaire Vijay Mallya.

Super Aguri, the smallest of the teams, had been in takeover talks with Dubai-backed Magma Group before an agreed deal collapsed.

Formula One is increasingly looking to the developing world, with India expected to host a race in 2010 after Abu Dhabi becomes the second race in the Middle East next season and Singapore debuts this year.

China already has a race while Russia has long been talked of as a future destination.

Toyota entered in 2002 with a team started from scratch and Howett said he believed there were big companies and developing manufacturers interested in joining the sport.

Honda team principal Ross Brawn said it would be extremely difficult for a privately-owned, non-manufacturer backed team to come into Formula One, due to the costs involved in starting up and building a car.

"But it's viable for a lot of manufacturers at the moment, there's no reason why it shouldn't be viable for other manufacturers in the future, particularly the expanding market for Formula One," he said.

"Different countries are now starting to establish our sport. I think there are a lot of opportunities from that direction in the future."

Frank Williams, whose team is one of the remaining independents on the starting grid, said Super Aguri had shown how hard it was to raise capital as a 'privateer'.

"We have a Japanese driver, never yet found a penny of sponsorship for him in Japan, and that's much cheaper than actually creating a team," he said.