F1 News: FIA President Gives Update On New Formula One Teams With Announcement Imminent

The names could include Andretti Cadillac and Hitech among others that have expressed serious interest in Formula 1.

FIA President Mohammed Ben Sulayem has given an update based on the applications received from hopeful new F1 teams. A number of parties have shown serious interest in being a part of Formula 1 and the announcement of the names will be done within six weeks. He said:

"I hope we can make an announcement next month. The applications are coming from serious parties and we don't want to refuse anyone without a very thorough assessment of such an application.

"The letter of intent and the contract with F1 clearly state that 12 teams are allowed to be active in F1. As FIA, we have worked very hard on the letter of intent and I think we can come out with a final decision within four to six weeks."

Ben Sulayem has also revealed that he prefers the new teams to be car manufacturers. However, he isn't fixed on the preference and is keeping the door open to other parties as long as they meet all the requirements. He said: 

"If a team is interested in driving F1 and our rules clearly stipulate that we accept 12 teams, how can we say 'no'? I understand the concerns of the other teams, especially the financial part [the distribution of prize money], but I am in this position to do the right thing for the sport," 

With the sport's popularity reaching places like never before, the addition of new teams and tracks is imminent.