A hopeful new Formula 1 team will discover next month if the sport will consider allowing new entrants.

Recently, Formula 2 boss Adrian Campos and his business partner Salvatore Gandolfo announced that they are working on putting together a Spanish F1 team.

They have already met with Chase Carey and Ross Brawn, recruited former F1 engineers Peter McCool and Ben Wood, and vowed to study the new rules for 2021 with a view to running former Sauber driver Pascal Wehrlein.

Gandolfo has now told Blick newspaper: "On 4 December, they (F1) want to decide about new teams. So far, you could not submit an application and I only know the conditions by hearsay.

"The same goes for the engine manufacturers," he added. "We have talked to Renault and Honda, but everyone was waiting for information.

"Only later can we decide whether an entry makes sense."

With the budget cap and a better distribution of F1's commercial income, the Campos outfit believes it would be able to operate for EUR 80 million a year.

"Then I would have to raise another 20 million for a 100 million budget," said Gandolfo. "Only that is realistic and interesting as a business.

"With a budget of between 100 and 110 million, you can put a fast car together, as Haas has shown."