On the final day of the 'window' during which teams intending to contest the 2008 World Championship must submit their entries, it has been revealed that David Richards Prodrive has submitted an entry.

In a brief statement issued on Friday morning, Richards said: "Formula One is still regarded as the pinnacle of motorsport and therefore a natural next step for Prodrive.

"While we may be a very large company in motorsport terms, we are very much a minnow in comparison to the vehicle manufacturers who currently dominate the sport. However, on the basis of the new regulations being proposed by the FIA, we believe the time is now right for us to take this next step."

F1 supremo Bernie Ecclestone, and indeed the proposed regulations for 2008, limit the amount of teams to just 12, which means that in addition to the current 11, should they all still be around in 2008, only one more entry will be allowed.

Earlier this week, former Minardi boss, Paul Stoddart, revealed that he had submitted an entry.

It's understood that the FIA will reveal the identities of the successful entrants next month.

"The next few months will see the clarification of the rules for 2008," said Richards. "Should our entry be accepted, we would aim to play a constructive part in determining the new rules with the objective of creating an environment where private teams, without access to the massive resources of the vehicle manufacturers, can once again be competitive - a situation we believe will be far healthier for the long term future of F1."