Motorsport’s governing body the FIA has opened the selection process for the final entry slot on the 2011 formula one grid.

Four new teams were granted entry to the 2010 championship, with Virgin Racing, Lotus Racing, HRT and USF1, all beating the likes of Prodrive and Lola to the additional grid slots.

However, amid financial turmoil, USF1 failed to make it onto the grid in Bahrain, with Hispania Racing overcoming a similar situation just in time for last weekend’s season opener.

Following their demise, USF1 asked for permission to begin their F1 odyssey at the Spanish grand prix in May.

However, the FIA denied their request and the Charlotte-based outfit was forced to defer their entry to 2011, with uncertainty still hanging over the project.

With no guarantee of a recovery from USF1, the FIA announced on Friday that it had kicked off the application process for the spare slot on the 2011 grid. InTheNews.co.uk

The sport’s ruling body FIA said Friday it “may also identify one or more possible reserve entrants to fill such vacancies” during a new selection process that is being launched.

Candidate teams are being asked to formally express their interest before April 15, with a final decision on the standby team being made in July.

FIA said in a statement that “the overall long-term interests of the championship will determine which candidates are selected.” USA Today

Candidates expected to pay an administration fee of 1,000 euros (£900).

There then follows a formal application process, with applicants undergoing thorough due diligence and also required to meet four key criteria to prove their suitability.

They are: the technical ability and resources of the team; ability to raise and maintain sufficient funding to allow participation; the team’s experience and human resources; the FIA’s assessment of the value the candidate may bring to the championship as a whole. Sky Sports