F1: Mike Gascoyne wants Formula 1 return with new team

From GMM

Mike Gascoyne's desire to return to formula one was confirmed on Thursday, when a UK-based F3 team announced its intention to apply to enter a budget-capped outfit next year.

The Norfolk-based team Litespeed said it is collaborating with MGI, whose managing director is Gascoyne (photo), the famous engineer for teams including Jordan, Renault, Toyota, and most recently Force India.

"We don't yet know whether the (budget) cap team rules will be changed, and obviously we don't know if our application will be accepted. The cap may be dropped altogether," said Litespeed boss Nino Judge.

"The point is that there is not much time for the project to get on to the 2010 grid and we have to take some risks in order to maximise time for preparation," he added.

A colossal fight over the budget caps issue is already being played out between the governing FIA and major F1 teams including Ferrari.

But Litespeed said there has never been a better time to consider F1.

"There is space and a need in the arena for independent teams and the technical leeway given to the budget-capped teams allows for a competitive performance within the financial parameters," Judge continued.

Judge, who worked in F1 with Lotus in 1989-1991, said Gascoyne's company would act as technical consultants.