Prodrive confirms 2008 entry submission

As revealed by autosport.com earlier this month, Prodrive, which currently competes in the World Rally Championship as well as in other series, had already announced plans to build a state-of-the-art factory for their Formula One team.

"Formula One is still regarded as the pinnacle of motorsport and therefore a natural next step for Prodrive," said Richards.

"While we may be a very large company in motorsport terms, we are very much a minnow in comparison to the vehicle manufacturers who currently dominate the sport.

"However, on the basis of the new regulations being proposed by the FIA, we believe the time is now right for us to take this next step."

Applications for the 2008 championship close today and will then be considered by the FIA before a final list of entries is confirmed on 28 April.

The 11 teams currently competing in F1, as well as former Minardi boss Paul Stoddart, have already submitted their entries. Under the terms of Concorde Agreement, there are only 12 spots available.

If Prodrive's entry is accepted, it would be the first time the company competes in Formula One. Richards, however, had been BAR's and Benetton's team boss before.

Prodrive's facility is still subject to planning permission, but should it be granted, construction would begin at the end of this year. Prior to this, Prodrive would run the programme from its existing facilities.

"The next few months will see the clarification of the rules for 2008," added Richards. 

"Should our entry be accepted, we would aim to play a constructive part in determining the new rules with the objective of creating an environment where private teams, without access to the massive resources of the vehicle manufacturers, can once again be competitive - a situation we believe will be far healthier for the long term future of F1."