Teo Martin has confirmed his purchase of the two time Formula Renault 3.5 drivers and team champions DAMS Racing, one day after the team secured its first win of 2015 with Nyck de Vries at Jerez.

When the new Spanish team enters the rebranded Formula 3.5 in 2016, DAMS will be known as Teo Martin Motorsport going forward.

DAMS Racing became a successful commodity in FR3.5 during its four year tenure, helping Kevin Magnussen and Carlos Sainz win the FR3.5 championship in 2012 and 2013. After a second-placed finish in the year's team battle - and third for Nyck de Vries in the individual standings - the French outfit will now concentrate its efforts elsewhere.

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The team is expected to make its GP3 d?but next year in hopes of building a direct path to their successful GP2 team - the French outfit has fielded Alex Lynn and Pierre Gasly in the GP2 challengers with the title ultimately going to McLaren junior Stoffel Vandoorne.

Jaime Alguersuari - who will spearhead the new F3.5 going forward through his role with RPM Racing - welcomed the team warmly on the eve of the series' first test. Teo Martin are not expected to appear on track until 2016.

"It is a pleasure to have the Teo Martin team in our championship," the Spaniard said in a statement. "Its long racing history and the success over the years are the best introduction letter for a team that won't take a long time to adapt to this news category.

"I share many values with Teo Martin, an excellent sportsman, automotive projects manager and, above all, a huge motorsport fan."

Teo Martin Motorsport is a former GT team and their entry keeps the total list of teams confirmed for revised championship's inaugural season next year at 11, its first since Renault decided to part ways with the RPM-endorsed series. The announcement comes following the news that former champions International Draco Racing have closed and will not participate in any future F3.5 activity.