Mohammed Ben Sulayem, the president of the FIA, stated last month that he wants the organization to investigate starting an official procedure for identifying possible new teams.
Since the debut of Haas in 2016 and the grid's reduction to 10 teams in 2017 due to Manor Racing's withdrawal, no new teams have entered Formula One.
The FIA has now started the process by publishing a request for expressions of interest to find "one or more new F1 teams" that will begin competing in the 2025,6, or 2027 seasons.
Panthera Team Asia F1 originally entered the competition to enter Formula One in 2019, and despite their initial intentions falling through, they are still holding onto hopes of "becoming the team of Asia."
Benjamin Durand, team principal and co-founder, said to PlanetF1.com, "We started to develop the car on the aerodynamic side, we worked on the new regulation at the time, we did some CFD improvements, and we have some IP relating to the car, but we halted it."
"It's time to continue. Many of the individuals that are prepared to join us have not yet made a commitment to Formula 1 and, as a result, do not qualify for garden leave..."
The most well-known application thus far is an Andretti-Cadillac entry for 2025, but Craig Pollock, the former CEO of BAR, is leading a proposal called Formula Equal that, if granted, would see a team with a 50/50 gender split enter the grid in 2026.
When speaking about potential new teams at the Australian GP, Domenicali told Sky Sports F1 that "some people would like to be extremely noisy, and some others are less vocal.
"The fact that F1 is luring new prospective teams and investors indicate the status of F1 today. There is a procedure in place that is open to everyone; the first step is that the FIA will do an analysis, and the second will be completed by the commercial [rights holders] - there will be a shared debate. We'll have to wait and see how it turns out."
The $200 million (£161 million) entry price that a new participant would be required to pay under the present regulations, according to the 10 incumbent F1 teams, has been criticized by some of them for failing to recognize the sport's enormous recent development and making them worse off. Each current team would get a one-time payment of $20 million (£16 prize as part of the $200 million prize.
‘‘No regulations being broken’’
The existing teams have expressed their worries regarding the potential inclusion of a new team. The FIA president said he acknowledged the issue and made remarks to assuage their concerns.
"We at FIA also have this concern. You know, when you’re talking about the expression of interest, I mean, there are still regulations there and we cannot shut the application down and say no because we have another choice and we cannot also say no to them if they fulfill the application. So really, I understand the other teams’ concerns, when it comes to another team. Also, we’re not breaking the rules."
Any potential F1 team must also demonstrate how their involvement in the sport will have a positive impact on society. This would assist in achieving the shared objectives of Formula OneManagement and the FIA.
Candidates will be chosen by the relevant rules and governance procedures and the general long-term interests of the championship, which include all stakeholders.