Pridrive, run by former Benetton and BAR team boss David Richards, will enter Formula One in 2008 as a new 12th team on the starting grid.

The sport's governing body, the International Automobile Federation, published its list of accepted entrants yesterday with all 11 current teams on it as well as the British-based newcomers.

Former Benetton and BAR  team boss David Richards.[sports.cz]

"This is wonderful news for everyone in the company," Richards said in a statement.

"We have won World Rally Championships, British Touring Car titles and the GT1 class at Le Mans, and have been saying for some time that we would also like to be in Formula One with our own Prodrive team. We are now one step closer."

Twenty two teams had applied for the 12 slots in a championship to be run under new rules after the expiry of the existing commercial agreement at the end of 2007.

"Prodrive has the best combination of financial backing, technical capability and motorsport experience and is well known to the FIA through its participation in the World Rally Championship," FIA President Max Mosley said.

"Also, Prodrive's chief executive, David Richards, has experience as a Formula One team principal."

Mosley said the sport was unlikely to increase beyond 12 teams, the most since 1997, for reasons of safety and because it would be difficult to enlarge circuit facilities.

Richards controls the commercial rights to the World Rally Championship while his Banbury-based company run Subaru's world rally team, the Aston Martin Le Mans sportscar team and compete in Australian V8 supercars with Ford.

Richards led BAR, now Honda, to second place in the Formula One manufacturers' championship in 2004 and was principal of Benetton in 1998.

Mosley said there had been no reason not to accept the current teams as they were already in the championship and had shown their ability to compete effectively.

Unsuccessful entrants included former Minardi owner Paul Stoddart, a McLaren-backed Direxiv team headed by former racer Jean Alesi and British Formula Three frontrunners Carlin Motorsport.

Mosley said he was not surprised by the level of interest, with new regulations proposed to reduce the costs of competing significantly.

"What pleased me most was the high caliber of entries received. With this kind of demand Formula One has a bright future," he declared.

"The 2008 Sporting Regulations have reduced the cost of competing and should improve the sporting spectacle at the same time. It makes for a very attractive prospect."

Richards, who is seeking planning permission to build a new factory, was confident the rule changes would allow Prodrive to compete against the wealthy manufacturers, but warned that securing an entry was just the start.

"We now have less than two years to build a team and put two competitive cars on the starting grid for the first race of the 2008 championship," he said.

"The task is enormous and the expertise and experience of the established teams well recognized. However, Prodrive has more than 20 years of motorsport experience and all of us relish a challenge."