RPM Racing, co-promoters of the Formula Renault 3.5 championship, has announced that a new team - Spirit of Race - will join the grid for 2015 ahead of the series' rebrand.

They are the first outfit to publicly confirm their participation in the new-look series as Renault Sport prepares to withdraw backing at the end of this season. The championship, thought to be rebranded as 'Formula 3.5' from 2016, marks a new chapter for RPM after an 11 year partnership with Renault.

Spirit of Race is owned by Amato Ferrari who is already the face behind European Le Mans and the FIA World Endurance championship participants, AF Corse, and the Italian will act as team principal for the new entry next year.

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In a statement, the experienced team owner spoke of his team's impending entry and his excitement at joining one of junior racing's most well-respected series, responsible for promoting the likes of Sebastian Vettel, Daniel Ricciardo and Carlos Sainz to the higher echelons of motorsport.

"The Formula Renault 3.5 championship has always attracted me by representing an excellence in single-seater world-wide competition." he said. "I am enthusiastic of this new challenge where I will bring long term experiences and relationships achieved in decades of motor racing activities."

The new team owner continued his statement, thanking RPM chairman Jaime Alguersuari and RPM Racing in the wake of the announcement. Alguersuari will be responsible for FR3.5's future and will steer the series when it parts ways with the World Series by Renault.

The Spaniard noted. Spirit of Race's entrance into the 2016 championship in a statement.

"It has only been four weeks since we accepted the challenge of assuming the property and the responsibility of organising a new championship with the current Formula Renault 3.5 single-seater series and I am proud to announce that Amato Ferrari, a true man of motorsport, has decided to link his talent and the quality of his technical and human structure to the new project led by RPM."

The 2016 championship will likely remain based in Europe and a provisional calendar is expected to be released next month and will retain the same car design for the next few years. The single-seater challengers can boast as much as 530 horsepower and the Drag Reduction System (DRS).

It will also follow the current racing structure, hosting two races and qualifying sessions on both Saturday and Sunday. Last weekend, Oliver Rowland was crowned champion, the last with Renault's current backing.

This announcement comes following the news that FR2.0 Eurocup and the Renault Sport Trophy will support ELMS at five rounds, beginning next year.