Benjamin Durand, team principal and co-founder of Panthera Team Asia, has confirmed that the team is in the process of signing up for the FIA's Expression of Interest process to bring new entrants into Formula 1.
In January Durand announced his interest in taking his team into F1, saying: "We still think that the Asian market and the Chinese market are the next developing markets.
"They all look west, no one looks east. Now Formula 1 focuses a lot on the US, which is normal because it's growing, but once that market is there Asia and Africa will be the next big market for F1, especially with Zhou [Guanyu] in the championship.
"It's been a rollercoaster; we could have given up on this project a long time ago , but we believe in it."
F1 owners Liberty Media have made it clear that they will welcome applications for new teams to join the grid from as soon as 2025.
General Motors want to form a team with Cadillac and Andretti in the future, and they have said in the past that they had to adapt to the news about the Expression of Interest project, saying: "The FIA is very diligent, transparent and fair in their evaluation of the F1 grid expansion.
"With the release of the Call for Expressions of Interest, we are diligent in responding. We are confident that GM and Andretti's deep racing competencies form a distinctly American team that will increase the enthusiasm for F1 racing worldwide."
Panthera's expression of interest means that there are at least two interested parties in joining the F1 grid, with more likely to follow in the months ahead.
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.
We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.