Governing body FIA launches process to find new Formula 1 team for 2015 or 2016 season

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Formula One's governing body wants another team on the starting grid from 2015 or '16.

The FIA says it has launched a selection process to add a new team for the first time since HRT exited the sport last year.

FIA says interested candidates have until Jan. 3 to submit their formal expression of interest plus a non-refundable $5,000 deposit.

Full applications should be submitted by Feb. 10, with a decision expected by Feb. 28.

FIA says "the long-term interests of the championship will determine which candidates are selected." FIA will guarantee a spot for the new team until at least 2020.

HRT, formerly Hispania, had entered F1 in 2010 alongside the teams now known as Marussia and Caterham.