FORUMula1.com - F1 Forum

[EwanM]

F3 squad Litespeed to lodge F1 entry

By Pablo Elizalde and Matt Beer Thursday, May 14th 2009, 14:32 GMT

Jonathan Legris, Litespeed, SilverstoneFormula 3 team Litespeed has announced its intention to apply for an entry to the 2010 Formula 1 world championship under the new budget cap rules.

The team has joined forces with MGI Ltd, whose managing director is former F1 technical director Mike Gascoyne, and is hoping to be one of the 13 teams chosen for the new championship.

Team boss Nino Judge admitted he is not even sure the current budget cap rules will stay on, but he reckons it is the best moment to enter Formula 1.

"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," said Judge.

"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."

Applications for the 2010 championship close on May 29, and the FIA will announce the successful applicants on June 12.

Judge said his team would have a schemed F1 chassis by mid-June.

"In times of crisis we hope that fortune will favour the brave," added 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."

Litespeed joined the British F3 field in the middle of the 2008 season, having bought the rights to the SLC chassis used in the Euro Series in 2005.

The team has worked to develop the unique design in the National class, with limited success so far, but also recently announced that it would run Jay Bridger's Championship class Mygale for the rest of 2009.

http://www.autosport.com/news/report.php/id/75305

[Gilles 27]

I'd love for all these new teams and the existing teams to enter next season but it wont. There will either be the current lot spending loads of money as usual or the new guys racing around against Williams, Force India and Brawn with nobody watching

[Jensonb]

With no current teams leaving (Yes, I said it.) only 3 spots will be open. Likely they'll go to Team US F1, Pro Drive/Aston Martin/Middle Eastern Name and Lola Cars.

[Gilles 27]

Yes that is true, i imagine Litespeed are quite low down the pecking order

[scotty]

Long shot for them, but no doubt Mike Gascoyne's potential prescence could give them a benefit.

[7UpJordan]

Long shot for them, but no doubt Mike Gascoyne's potential prescence could give them a benefit.

Gascoyne's potenial prescence would be of more benefit to the BBC and its viewers.

[scotty]

Long shot for them, but no doubt Mike Gascoyne's potential prescence could give them a benefit.

Gascoyne's potenial prescence would be of more benefit to the BBC and its viewers.

I'll call Litespeed and see if they'd swap for Jordan, reckon they'll go for it?

[7UpJordan]

Long shot for them, but no doubt Mike Gascoyne's potential prescence could give them a benefit.

Gascoyne's potenial prescence would be of more benefit to the BBC and its viewers.

I'll call Litespeed and see if they'd swap for Jordan, reckon they'll go for it?

Maybe EJ "could still do a job for them" as a team boss?

[Gaz]

Gasgone was saying in F1 racing he wanted to join small team pull a few giant killer wins

[Jensonb]

Gasgone was saying in F1 racing he wanted to join small team pull a few giant killer wins

Yeah, that was a good read. He made some great points.

[scotty]

Long shot for them, but no doubt Mike Gascoyne's potential prescence could give them a benefit.

Gascoyne's potenial prescence would be of more benefit to the BBC and its viewers.

I'll call Litespeed and see if they'd swap for Jordan, reckon they'll go for it?

Maybe EJ "could still do a job for them" as a team boss?

Only if he is forced to work with Raikkonen, just as a laugh to see how long it lasts... or if Jordan would actually sack a top driver and was just talking crap...

Gasgone was saying in F1 racing he wanted to join small team pull a few giant killer wins

Ah yeah, maybe this is that plan going into action... incidentally, who are MGI ltd? I googled it and only got various mortgage and insurance companies.

[Jamie]

Not too sure to be honest? I think it will be good, but....What drivers will they bring? Maybe Brendon Hartley?

[7UpJordan]

Ah yeah, maybe this is that plan going into action... incidentally, who are MGI ltd? I googled it and only got various mortgage and insurance companies.

Have you tried the Companies House website?

[scotty]

Ah yeah, maybe this is that plan going into action... incidentally, who are MGI ltd? I googled it and only got various mortgage and insurance companies.

Have you tried the Companies House website?

Just had a look, there are loads of variants of 'MGI ltd' though.

Ah, more googling found it!

http://www.mgiaviation.com/about/about-2.html

I'm surprised it's not based more on the engineering side, but there you go...

[Jamie]

Ah yeah, maybe this is that plan going into action... incidentally, who are MGI ltd? I googled it and only got various mortgage and insurance companies.

Have you tried the Companies House website?

Reed EJ's autoB.
There a huge management company and are mainly based for young drivers, EJ used to be a manager and they wanted to buy him out.