Litespeed GP ready for F1

The Litespeed GP team is planning to announce their entry into the Formula One Championship for next year, after the FIA announced budgets of 40 million pounds, as well as greater financial assistance for new entrants starting from 2010.

The British Formula 3 team has established ties with the active management group MGI, led by former technical director Mike Gascoyne, with the aim of advancing the team’s registration before the upcoming June 12th deadline.

With the ideas proposed by the FIA for next year, teams with capped budgets will be able to enjoy more technical freedom than their rivals. The new teams will receive additional support, such as free delivery of cars and all components for their first season, as well as airline tickets for twenty team members on long-haul flights during the season.

« In times of crisis, we hope that fortune will favor the brave », stated Litespeed GP team leader Nino Judge, currently in charge of the BF3 cars for drivers Jay Bridger and Victor Correa.

« Despite the potential for backlash, which has become a reality, the FIA was not afraid to introduce pioneering measures aimed at ensuring the future of F1. We are confident that the FIA and FOTA (Formula One Teams Association) will find an agreement that will be good for F1 and allow new teams, like ours, to participate. As an innovation, budget limitation is in line with the very philosophy of Litespeed GP, which is why it is now the right time for us to make this announcement. »

Now joined by MGI Ltd, Mike Gascoyne’s experience with the Force India team last season would be a key element for the team. The group MGI Ltd was founded by Mike Gascoyne in 2001.

« We are delighted to have MGI on board with us. »

The expertise, experience, and understanding of potential risks are invaluable to the entire team, for which they have committed their name and professionalism. MGI will work for Litespeed GP and act primarily as a technical advisor for the team.

There is room and a need for independent teams in the arena. The technical freedom allowed by the capped budgets enables competitive performance within the financial parameters, said Nino Judge.