FIA wants new F1 team for 2016

LONDON, England - F1's governing body has commenced the search for a new Formula 1 team. Fevered discussions about the future of the sport are taking place.

Germany's Auto Motor und Sport believes that Manor, Force India, Sauber and Lotus are all now in danger of imminent collapse.

Correspondent Michael Schmidt says that has led to "some last-minute panic". In Monaco, the paddock whispers were all about 'customer cars'.

SUPER GP2 SERIES?

F1 chief Bernie Ecclestone is pushing for his 'super GP2' solution, while another proposed plan is for big teams to field a third car.

It emerged in Monaco that the big teams' own idea is to prepare two extra cars apiece, supplying them to the bottom half of the grid who would in turn give up their status as 'constructors'.

Now the FIA has stepped in.

On Thursday (May 29), the governing body launched a new selection process to identify a new F1 team for "the start of the 2016 or 2017 season".

In a statement, the FIA said the new process is in "due regard for the sustainability and future success" of the sport.

Expressions of interest must be lodged by the end of June 2015, with a final decision to be made three months later.

The statement added: "In the event that no applicant is considered suitable by both the FIA and the commercial rights holder, no additional team will be selected."