Paris: Prodrive will join the Formula One series in 2008, becoming the 12th team on the circuit.
FIA, Formula One’s governing body, said on Friday that it also accepted entries from the 11 teams currently competing in F1.
Prodrive is headed by David Richards, former boss of the Benetton and BAR teams.
"Prodrive has the best combination of financial backing, technical capability and motor sport experience and is well known to the FIA through its participation in the World Rally Championship," FIA president Max Mosley said in a statement. "Also, Prodrive's chief executive, David Richards, has experience as a FormulaOne team principal."
Richards called the decision a "wonderful news for everyone in the company."
Prodrive will stay at its headquarters in Banbury, England, before moving into a better-equipped factory in nearby Honiley.
Mosley said Prodrive was chosen in a fax vote from 11 possible new entrants. He said he was "delighted" by the quality of the entries that it was unlikely any more teams will be added in the near future.
"The limit of 12 teams was imposed for safety reasons,'' Mosley said. ''It would be very difficult to enlarge the facilities. The number is unlikely to increase."
The 12 teams entered for the 2008 Formula One season announced Friday by governing body FIA: BMW Sauber, Honda, MF1, Prodrive, Red Bull, Renault, Ferrari, Super Aguri, Toro Rosso, Toyota, McLaren, Williams.
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