FIA begins search for new team to join Formula One in 2015

Washington: The search is on for a new team to join the elite racing ranks of the Formula One grid, according to reports.

According to CNN, the sport`s governing body, the FIA, has put out a call for an expression of interest for a 12th team to join the world championship for the start of the 2015 or 2016 season. Any interested parties have until January 3 2014 to register their interest, the report said. The FIA has already laid down detailed criteria, including an ability to stay in the championship until the flag falls on the 2020 season, the report added. The organization is asking for the identity of prospective teams` shareholders, potential strategies and information about the candidate`s experience in motor racing, the report further said. The cost would be around 130,000 dollars for an application.