Prodrive has confirmed that it has lodged an entry with the FIA for the 2010 Formula One season.

The Banbury-based outfit becomes the third team to formally lodge its entry, after Campos Meta1 and USF1, while British F3 outfit Litespeed GP has also confirmed that it will send its entry to the FIA today.

Prodrive's decision to chase an entry into the sport comes 18 months after the team was forced to shelve its entry plans due to the argument over customer cars, with the initial plan having been to run a customer McLaren chassis.

However, the FIA's plans to bring a budget cap into place in the sport has now made Formula One more commercially viable for the company, with Prodrive chief David Richard having always stated that he will only look to re-enter the sport if the team could be competitive.

Finance for the Prodrive entry will be aided by support from Dar Capital, and Richard's said the time was now right for Prodrive to try and secure its slot in Formula One.

"We are very appreciative of the support we have been given in putting together our entry, not least by both the FIA and FOM," he said. "With the help of Dar Capital, in raising the finance, coupled with our understanding of the latest proposals to assist new teams, we now feel the conditions are right to formally request the FIA for an entry.

"The level of next year's cost cap has risen substantially since we originally considered entering. However everyone appears committed to major reductions in future years and when one takes into account the transition proposals for new teams we are confident that we now have the opportunity to be both commercially viable and competitive. As we have said all along, we don't want to be in Formula One just to make up the numbers."

While the entry will initially be made under the Prodrive banner, it is widely expected that the Aston Martin name will be introduced at some point in the future.

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