The FIA has invited entries for the 2011 and 2012 Formula One world championship seasons, as they opened the selection process for the one remaining slot left on the grid.

Now we know the story behind that one remaining slot, don’t we? It became quite a messy affair with USF1 getting an entry and then not able to plan their way through for lack of finances, even though they had You Tube backing their efforts. This led to questions about the FIA’s selection process in the first place and the most noise was made by the Stefan GP – yes the ones who bought the Toyota chassis – as they fought to be included in the 2010 season. End result: there are only twelve teams on the grid today with no one having a clue about the fate of USF1 and Stefan GP sulking somewhere.

Coming back to the fresh selection process however, the FIA this time also intends to name back-up options keeping the above episode in mind. What is also interesting to note is the four-point merit guideline laid down for any new teams that might be submitting their names. These are: a) technical ability and resources of the team, b) ability to raise and maintain sufficient funding to allow participation, c) team’s experience and human resources and d) FIA’s assessment of the value the candidate may bring to the Championship as a whole.

Of the above four, the second and fourth points are of relative importance. The ability to raise and maintain funding is but the bread and butter of a Formula One team. The prime example of that would be the ex-Jordan team. It became Midland and then Spyker, but not until Vijay Mallya arrived on the scene did stability come to the fore for that unit. Today in the mould of Force India, they are doing well for they know that their owner is financially sound and passionate about Formula One at the same time.

The FIA assessment of the value the new teams brings to the championship is an equally thought provoking clause. If this is indeed the case then some one like Stefan GP or even USF1 who are likely to be trying again, may not get a look in. Whereas it would be a decent shout for Prodrive or even Volkswagon, who have been rumored to be looking for a way into Formula One for long.

Any which ways, the last date to submit entries, April 15, isn’t too far off and we can surely expect some interesting rumors to abound until  and after then.