Having failed to secure an entry in the 2010 Formula One World Championship, Stefan GP boss Zoran Stefanovic has revealed his intention to bid for a slot on the grid in 2011.

Stefanovic announced his intention to submit an entry at a press conference at which he also confirmed his involvement in the construction of a race circuit in Serbia, as revealed by Pitpass earlier this week.

The circuit, which, it is claimed, will be "suitable for Formula One", will form part of the Stefan Technology Park, which will also serve as the team's headquarters. Located in Stara Pazova, 25 km from Belgrade, the complex should be complete in 2012.

"I think this is an excellent development for our team, the Stara Pazova city, region and country," said Stefanovic, seen here with mayor of Stara Pazova, Goran Jovic (left). "This is proof that we want to put ourselves on the map as a serious hi-tech company, and that we are serious about competing in Formula One for the long term.

"Bearing in mind that we will soon be on a par with top teams, in terms of facilities and organisation, as Stefan Technology Park looking to be compared with them, we expect many positive improvements in the future," he added.

In addition to announcing his intention of lodging an entry next season, Stefanovic revealed a range of merchandise for his team, a new logo and the 'We Want SGP' scheme whereby race fans can aid the Serbian outfit's entry bid by "writing We Want SGP in the craziest places possible".

While the team's exact plans for 2010 were shrouded in mystery, a deal which would have seen the Serbian outfit use Toyota's 2010 car and many of its personnel came to nothing.

While sections of the media insisted that Stefanovic was serious about his bid, Pitpass was able to reveal that his company had just one employee and £40 in the bank.

Stefanovic and his supporters in the media continued to insist that the bid was viable right up until the time that the FIA announced the official entry list was unveiled, with not the slightest hint of the Serbian outfit.