PARIS, Oct 6 Would-be Formula One team owners eager to take on the likes
of Ferrari and McLaren were told on Wednesday that they had first to hand
over $48 million.
They were also warned that they would lose the cash if they then changed
their minds.
"New applicants must deposit $48,000,000 with the FIA when submitting
an application,'' the International Automobile Federation, the sport's
ruling body, said in a statement after its world motor sport council had
met in Paris.
"This sum will be returned if the application is refused or in 12 equal
monthly instalments (including interest), commencing immediately after
the first event,'' it added, announcing sporting regulations in force from
January 2000.
"If the applicant fails to appear for the championship for which it
has entered, its deposit will be forfeited save only that the applicant
may delay its participation by one year, in which case $12,000,000 will
be forfeit.''
There are currently 11 teams in Formula One with a potential 12th slot
remaining unfilled although Japanese carmaker Toyota is gearing up to enter
by 2003 and several other parties have expressed interest.
Robin Herd, a co-founder of the defunct March team, was quoted in Autosport
magazine last month as saying he had made enquiries about entering Formula
One.
The struggling Italian Minardi team meanwhile said last month that
they were contemplating selling out.
The FIA's Formula One commission also decided that cars had to be fitted
with an FIA accident data recorder at multi-team testing sessions as well
as during races.
Other changes to the sporting regulations were to allow race directors
to stop cars running in wet conditions without a rear light and to allow
drivers to cross the track under the supervision of a marshall after retiring
during a race.