Lola, who last participated in Formula One racing in the late 1990s, admitted they re-examined their position after the original cap of ?30 million was raised to ?40 million, but concluded that the new regulations still present an opportunity not to be missed.
“The Lola Group believes that the WMSC decisions relating to cost-capping and the provision of revised technical regulations to facilitate the entry of new teams into Formula One should be embraced,” said a group statement. “This is not only prudent considering the backdrop of global economics but also taking into account the need for new teams to be able to compete credibly against long established entrants.”
Whilst several existing teams have objected to the fact that cost-capped entrants will be given more technical freedom, Lola believe it to be essential if new entrants are to have a chance of competing with their more experienced rivals.
“It is imperative that performance breaks be afforded to new cost-capped entrants who will have a limited period in which to form teams, design and manufacture their cars. With these breaks Lola looks forward to competing with the existing teams who enjoy decades of experience. The question of speed differentials, safety and the spectacle of Formula One must also be considered.”
Entries for the 2010 championship must be lodged between May 22 and 29. A list of the 13 successful teams will be published on June 12.