Lola still harbor hope of F1

Lola have not given up hope of returning to Formula One, saying they are "ready and waiting" for the FIA to re-open the bidding process for a 13th team.

The British carmaker, who last competed in the sport in 1997, was one of several teams who showed an interest in applying for the 13th slot which became available after USF1 failed to make it onto grid in 2010. However, they decided not to push ahead with plans after the FIA scrapped the budget cap.

That, though, doesn't mean Lola have completely abandoned plans to enter the sport again.

"We're ready and waiting," Lola managing director Robin Brundle told

"Motorsport is a third of our business, and we're happy to expand in any direction. We're on schedule to hit a turnover of [$40 million] this year, and within five years, we expect to top [$77 million]. But a Formula One program will take us up by tens of millions. We've retained the capability. We can do everything in one building, and we're hopeful that, if the FIA bring back the 13th license, we can bid for it. We'd need to finalize an engine partner so we can design the back of the car when the new engine regulations come [in 2014], but we're ready for it."

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