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FIA confirms newcomers were vetted.

Motorsport's governing body has confirmed that it thoroughly checked the validity of the three teams included on the 201 entry list in a bid to avoid any embarrassing exits in the next few years.

With president Max Mosley keen to instigate a budget cap to avoid a repeat of the 'Honda situation' and coincidentally attract new blood into the top flight - something he insists needs to happen or F1 'will die' - it would be potentially damaging should one of the three selected on 12 June - Campos, US F1 and Manor - wither within months of their tenure starting, adding to a litany of poorly-judged projects that faded from the scene in years gone by.

"We are using professional advisors to make checks on the substance behind any funding sources on top of obtaining reviews of pertinent contracts and other relevant documentation," a statement issued from FIA headquarters in Paris revealed, "Bank references have been supplied in many cases.

"We have requested documentary evidence to support all the new teams' assertions, in particular with regards to funding. Thus we have been provided with accounts, contracts, multi-year business plans and other supporting material. On the technical side, we have asked for a thorough description of their capability, key staff, project plans, capital assets (present and planned for), organisational charts, and so on.

"Where there are key sub-contractors required, we have asked to see contracts and letters of intent. This extends to the sponsorship side, where plans and any descriptions of existing relationships are required. In all these aspects we have requested evidence that substantiates any claim in the teams' plans.

"In the background to these evaluations, where key individuals were identified on the funding side, our forensic accountancy advisors have run reputational checks, alongside the checking of factual data supplied. Once we had formed an opinion of the serious contenders, we asked them to come to London to be questioned face-to-face by the due diligence team. Then a short summary report on the top five was sent to the FIA president."

The statement also confirms details of the interest in a place on the grid for 2010, along with details of the three newcomers accepted.

"There were 15 applicants and we took twelve of these through the process initially," it was revealed, "We interviewed nine of the more promising potential teams [and] there were a surprising number of well-presented entries, with substantial funds behind them.

"It has been intense, [but] the one advantage is that the short timescale has revealed the teams that really have their plans together and the answers to hand, and those that are making it up as they go along. If they are going to be in Formula One they need to be able to respond quickly and competently. Thus, the condensed time line has 'stress tested' the new entrants.

"It was a surprise in some ways [to see so many viable teams], but more reassuring than surprising. Formula One is a fantastic prospect and, with the financial reforms to lower the barrier to entry to realistic levels, it is good to see such a strong market for new teams. This exercise has demonstrated that the only reason there have been vacancies on the F1 grid for many years was the excessive cost of participation."

Campos Grand Prix, Manor F1 and Team US F1 were confirmed as the three new entrants in next year's line-up, although others - including Prodrive, Lola and Team Lotus (Litespeed) - have issued statements revealing that they were remaining in talks with the governing body lest any of those teams listed with conditional entries, and feasibly Ferrari and the two Red Bull-backed outfits, fail to reconsider the conditions of their entry by next Friday [19 June]. The FIA has confirmed that 'further due diligence is currently taking place on other potential entries'.


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