New teams to get financial support

Bernie Ecclestone's Formula 1 Management (FOM) has agreed to make an annual payment of $10 million to each new team as well as offering free transportation of two chassis, plus 10,000kg of freight, to each race.

It will also offer 20 economy class air tickets for each new team for events held outside Europe.

The number of cars permitted to enter the world championship has been raised from 24 to 26 cars, leaving the door open for three new teams to join in 2010. A number of operations have already expressed a serious interest, including the new USF1 operation and British race car manufacturer Lola.

Applications for new teams will be open on May 22-29, with the FIA publishing the list of accepted entrants on Friday June 12.

The FIA will select the successful candidates based on their ability to qualify as a genuine constructor, as well as their ability to demonstrate they will have the required facilities, financial resources and technical expertise to be competitive in F1.

The applicants will be expected to declare whether they want to compete under the newly-confirmed £40 million budget cap, although it is unlikely that any of the teams would choose not to do so.