New teams hoping to join the F1 grid are set to be faced with a deposit of ?16 million in order to show they have the funding required to compete in the sport.

F1 supremo Bernie Ecclestone has taken the decision following USF1's failure to make it onto the grid this season, with the team having secured an entry only to pull out without even competing in a single race due to a lack of finance.

Teams had previously been forced to lodge a deposit of more than $30 million with the FIA if they wanted to compete in F1, with the money being lost if it failed to race.

That deposit was withdrawn as costs involved in the sport rose, and allowed Virgin, Lotus and Hispania to join the grid this season.

However, USF1's failure has led to Ecclestone stating that the deposit will be reintroduced to see how serious entry plans are.

"We have told them that if they can't put 16 million in now we don't want them," Ecclestone told the London Evening Standard. "If they can't find that now there is no way they are going to run."

Ecclestone also said he 'wasn't happy' with the performance of the three new teams, who have struggled to match the pace of the established teams and have yet to score a point between them thus far.

Following ART's withdrawal from the race to compete in 2011, Epsilon Euskadi, the Cypher Group, Durango and Stefan GP are viewed as amongst the favourites to take a place in the field.

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