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F1: FIA grants Gene Haas Formula 1 entry

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Gene Haas, co-owner of the Stewart-Haas Racing NASCAR Sprint Cup team, has been accepted by the FIA to become the 12th Formula 1 team 2015.

After meeting with the FIA earlier this year and going through a careful selection process, Haas new team -- Haas Racing Development -- has received the green light for his project to go ahead.

“We’re extremely pleased to have been granted a Formula 1 licence by the FIA,” Gene Haas said in a statement.

“It’s an exciting time for me, Haas Automation and anyone who wanted to see an American team return to Formula 1.

“Now, the really hard work begins. It’s a challenge we embrace as we work to put cars on the grid. I want to thank the FIA for this opportunity and the diligence everyone put forth to see our licence application come to fruition.”

The successful American businessman is thought to be looking to use a Dallara-built chassis and Ferrari V6 turbo hybrid Power Units, with a European base being located in Italy near Maranello to work in tandem with operations in the United States.

If that doesn’t work out, Haas could also purchase the name and assets of an existing, but financially struggling team near the end of the year (read Caterham or Marussia).