The possibility of an 11th Grand Prix team entering Formula One in the near future moved another step closer recently as the China F1 Racing Team Limited registers with Companies House. Rumour has it that a new Chinese funded Grand Prix team has been on the cards for several months now, but with the tight deadlines and large budgets required to ready a start up Formula One operation much of the speculation has been written off as just that - speculation. However it appears now that the rumour mill may be closer to the mark than initially thought following the registration of China F1 Racing Team Limited through the British based Companies House. Adding further fuel to the fire, FIA President Jean Todt has confirmed the governing body of Formula One have been approached recently by parties interested in joining Grand Prix racing. With budgets currently reaching astronomical levels just to remain at the tail of the field in Formula One it makes little sense for a team to start work from the ground up, especially considering at least two of the current Formula One grid would arguably be available to purchase for the right price, so it remains to be seen exactly how serious this new concern are about Formula One racing, and if indeed the intention is to build a brand new squad in a similar way in which Haas and the now defunct Manor, Hispania and Caterham teams have done in recent seasons. When asked if the door is open to new teams joining the current F1 grid, Todt had the following to say: "At the moment we have ten teams and the idea is to have up to 12 teams. So we have an opportunity, if we have one or two strong newcomers it could be possible." He added: "First we need to check ourselves the request. It's going through a kind of audit to see who are the potential buyers. "If it's a big manufacturer, it's easy, if it's a privateer, you need to be more careful. And then, once you are sure that there is a real interest, and once you're sure that people are able, like it was the case with Haas, for example, then we make tender" Further evidence that a new team could be in the works come from Red Bull Team Principle Christian Horner, who following the speculation breaking during the Canadian Grand Prix weekend confirmed that several current Red Bull team members have been approached by a group looking to set up shop in the heart of the F1 team homeland in Oxfordshire. Horner stated that "Some of our people were asked if they would be interested in working for a new team", however the Red Bull man went on to cast doubt on the possibility of the new outfit being ready in time to make a debut as early as next season. Exactly what the intentions of the new outfit are remain to be seen, but with the FIA open to increasing the current grid size and Formula One always willing to help a rich man spend his money, the chances of seeing a Chinese backed Formula One race team in the very near future appear to be closer than ever before. More to follow when it becomes known... Check out our Formula One sub forum here at RaceDepartment for all the latest news and discussions around the world of Formula One Grand Prix racing. Head over, leave a post and get yourself involved with the community today! What do you think of the rumours of a new Grand Prix team? Can a team start from scratch and become competitive in modern day Formula One? Let us know in the comments section below!