FORMULA 1 representation could be returning to south Norfolk next year. Carleton Rode-based iSport International and Besthorpe-based Litespeed F3 have both confirmed they will apply to enter next year's championship.
A £40million budget cap has been announced for F1 teams in 2010 and iSport has said it is in advanced talks with potential investors and sponsors about raising the money.
High-profile F1 teams including Ferrari and Renault have threatened to pull out over the cap, but iSport team princial Paul Jackson said it would apply for entry for 2010 providing the £40million figure remained in place.
He said: "We are a tight knit team and we are confident of causing a few upsets in Formula 1 should we be granted an entry.
"All the established teams are spending hundreds of millions on their cars and will struggle to come down the budget cap.
"As we are just starting out, we will have an advantage as we are working up to £40million, rather than coming down to it."
South Norfolk has had Formula 1 success before with seven time champions Team Lotus, based in Hethel, who last raced in F1 in 1994.
iSport, formed in 2004, currently competes in F1 support series GP2, and current Toyota F1 driver Timo Glock helped the team win the championship in 2007.
Last year Bruno Senna, nephew of Ayrton, finished as runner-up and Jackson is keen to secure the Brazilian's services should he become available.
He said: "If Bruno is available, we would be delighted to have him back as he is a very, very special talent."
Jackson is encouraged by the success Brawn GP is having in this year's championship and he said this indicated a new order in F1.
"In the last few years, the title has been dominated by the big manufacturer teams but Brawn and Red Bull this year have shaken things up a bit," he said.
"We race to win, so we will hope to be a top-five team within five years and the ultimate ambition is of course to become champions."
Jackson is unconcerned about reports suggesting seven of the current F1 teams are set to pull out of the championship over the budget cap issue.
"People in Formula 1 have short memories and with the exception of Ferrari, the others aren't going to be missed," he said.
"People come to watch the drivers and not the teams so as long as your Lewis Hamiltons and Jenson Buttons are on the grid people will be happy."
iSport currently employs 16 people and this would rise to more than 80 should its Formula 1 entry be accepted.
It plans to remain based in Carleton Rode and expand its current facility, rather than move elsewhere.
British Formula 3 team Litespeed will join forces with MGI Ltd, headed by former Toyota and Force India technical director Mike Gascoyne.
Applications for F1 entry in 2010 have to be submitted by May 29, with successful applicants being announced on June 12.
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