British-based Litespeed F3 has become the latest team to announce its intention to step up to Formula One next year under the FIA's controversial budget cap scheme, joining names such as USF1, Lola, Prodrive and iSport in linking themselves with one of the three available team slots for next year. Litespeed's entry, under the Litespeed GP name, if accepted will see the return of former Renault, Toyota and Force India technical director Mike Gascoyne to the sport, with Litespeed having engaged with MGI Ltd, whose Managing Director is Gascoyne.

This week's announcements by Ferrari and Renault threatening to leave Formula One if the budget cap is enforced under the current agreement has thrown the plan into doubt, with many believing that the FIA will have to relax a number of the advantages given to the capped teams. Nevertheless, Litespeed plans to push ahead with its F1 entry application, when the FIA begin accepting applications for 2010 on 22 May next week.

Talking about the Litespeed GP application, Team Principal Nino Judge said “We don't yet know whether the cap team rules will be changed, and obviously we don't know if our application will be accepted. The cap may be dropped altogether. The point is that there is not much time for the project to get on to the 2010 grid and we have to take some risks in order to maximise time for preparation. Potentially, there will never be a better time to enter the F1 arena. The FIA has so far not only been bold in introducing the budget cap, but has evidently thought out the long-term prospects of this globally captivating sport. There is space and a need in the arena for independent teams and the technical leeway given to the budget-capped teams allows for a competitive performance within the financial parameters.

“We are delighted that MGI is on board with us – 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.

“Litespeed's commitment to technical development within motorsport is already well documented through our undertakings in British F3 and the fact that we have taken the initiative a month ahead of the announcement of the successful team applicants on 12th June demonstrates our steadfast attitude towards F1. By the middle of June we will have a fully schemed F1 chassis.”

Both Nino Judge and colleague Steve Kenchington have previous experience of the F1 circuit. Judge worked in aerodynamics and R&D structure testing for Team Lotus F1 from 1989-91, whilst Kenchington was one of the originators of 'Lotus Active' and was responsible for control systems at Lotus Engineering for 21 years.

“In times of crisis we hope that fortune will favour the brave,” said Judge. “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 / FOTA 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.”