Prodrive will join the Formula One series in 2008, becoming the 12th team on the circuit.

FIA, the sport's governing body, said Friday it also accepted entries from the 11 teams currently competing in F1.

Prodrive is headed by David Richards, former boss of the Benetton and BAR teams.

"Prodrive has the best combination of financial backing, technical capability and motor sport experience and is well known to the FIA through its participation in the World Rally Championship," FIA president Max Mosley said in a statement. "Also, Prodrive's chief executive, David Richards, has experience as a Formula One team principal."