The new teams will receive financial aid

The World Motor Sport Council announced that financial support will be provided to new teams that decide to enter the Formula 1 championship next season.

Bernie Ecclestone, the holder of commercial rights, has agreed to make an annual payment of 10 million dollars (7.530 million euros) to each new team, while offering free transport of two chassis and 10,000 kg of equipment for each race.

The Brit is pulling out all the stops as he will also offer 20 economy class plane tickets for each new team for events organized outside of Europe.

The number of single-seaters allowed to enter the championship increases from 24 to 26. Three new teams will therefore be able to join in 2010. A number of teams have already expressed some interest, such as USF1, Lola, or Prodrive.

Candidate submissions from new teams can be made between May 22 and May 29. The FIA will publish the list of participants on Friday, June 12.

The FIA will select the lucky candidates based on their ability to become genuine constructors, as well as their ability to demonstrate they have the required facilities, financial resources, and technical expertise to be competitive in F1.

Candidates will have to indicate whether they choose to opt for the budget cap of 40 million pounds. It is highly likely that teams will be in favor of this new regulation.