Formula 1 commercial rights holder Bernie Ecclestone has said that any new team which joins the sport from now on must submit a deposit of 16 million pounds in order to confirm that it has the financial stability to remain on the grid.
The comments from the F1 supremo follow the demise of US F1 earlier this year, with the drop-out from Ken Anderson and Peter Windsor's outfit leaving an empty garage in the pit lane and, in the process, depriving other budding teams of a chance to join the grid.
However, with a 13th and final team set to arrive in 2011, Ecclestone has explained the new procedure.
“We have told them that, if they can't put 16 million in now, we don't want them,” the Englishman is quoted as saying by the London Evening Standard. “If they can't find that now, there is no way they are going to run.”
The comments also follow the losses of manufacturers Honda, BMW and Renault (as a majority team stakeholder, in the latter's case) from the sport since December 2008.
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