Mike Stevens | May 18, 2009

Lola has confirmed it will press ahead with plans to submit an entry for the 2010 Formula One World Championship despite the likelihood of an increased budget cap.

The British-based company stunned the motorsport world last month by announcing it planned to undertake an extensive financial and technical evaluation into the feasibility of entering Formula One.

While Lola’s last attempt to re-enter the world of Formula One was marred by poor organisation and unstable finances, the company has taken measures to ensure it is prepared this time around.

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"The original cap of £30 million, including engines, formed the basis of Lola's initial interest," Lola said in a statement.

"The decision by the WMSC to revise the figure to £40 million plus engines, marketing, hospitality and driver fees led to a re-examination of the opportunity by Lola culminating in today's confirmation that it will proceed with its Formula 1 project.

In other news, US Grand Prix Engineering (USGPE) co-founder Peter Windsor has told the official F1 website his new team is eyeing a potential All-American driver line-up for next year.

Windsor said he and co-founder Ken Anderson have begun scouting the IndyCar and NASCAR circuits for potential drivers.

“There are some Americans doing quite well right now in single-seater racing from Ryan Hunter-Reay, Jonathan Summerton, Danica Patrick, Graham Rahal and A J Allmendinger, who has great credentials in NASCAR right now. And then the next generation looks really strong,” he said.

While USGPE’s entry is yet to be accepted, Anderson said his team can start producing parts by mid-June and potentially have a car on track by November.

“Depending on the engine, we will be running the car in the first week of January. But if all falls perfectly into place, we would like the car to be running in November/December,” he said.

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