The Panthera Team Asia Formula 1 outfit is still intent on joining the grid once the new regulations come into force in 2022.
Based in the UK, the Asian-backed team first stated its interest in joining the F1 grid in August last year.
The outfit faced a setback when F1 managing director Ross Brown announced that shortly afterwards that any prospective entrants would have to wait until 2022 before they could join the grid.
Speaking with Motorsport.com, Panthera Team Asia boss Benjamin Durand that the delay, as well as the pandemic, would not prevent the organisations efforts to enter F1.
“It has been quite a rollercoaster, but we are still alive — the project is not done.
“We were already aiming for 2022 before the current crisis hit and we are still looking for a way in.
“We have had a group of people working on the car, doing some preliminary work on the aero side, and continue to work with investors.”
However, Durand added that the future of F1 would ultimately dictate its commitment to the project.
“We are waiting to see what happens with F1 before we say more,” he said. “People are talking about the possibility of being able to buy a car [from another team], so we will have to wait and see what happens.”
Despite the team’s plans, F1 is yet to hold any formal talks with prospective teams over joining the grid for 2022.
In a statement issued last October, F1 said there had been “no serious discussion with any persons or companies about admission of a new team”.
As well a Panthera, a Spanish outfit linked to Campos Racing is said to have also registered interest in joining the grid in 2022.
Any prospective new team will have to undergo a stringent process overseen by the FIA.
