(CNN) -- The search is on for a new team to join the elite racing ranks of the Formula One grid.
The sport's governing body, the FIA, has put out a call for "an expression of interest" for a 12th team to join the world championship for the start of the 2015 or 2016 season.
Any interested parties have until January 3 2014 to register their interest.
But before you start saving up your Christmas money, the FIA has already laid down detailed criteria, including an ability to stay in the championship until the flag falls on the 2020 season.
The organization is asking for the identity of prospective teams' shareholders, potential strategies and information about the candidate's experience in motor racing.
If a potential competitor gets through the first round then the FIA will assess its technical ability, resources, funding, experience and the value it would bring to the F1 championship.
To underline how much money matters, teams must pay $5,000 to express their interest and a total of $130,000 to formally apply.
F1 last expanded the grid in 2010 when three new teams joined. Of the trio, two are still racing in their current guises -- Caterham and Marussia.
The Spanish Hispania (HRT) team withdrew from the sport at the end of 2012 because of financial difficulties.
New teams entering F1 often find it hard to close the gap on the midfield and front running teams.
Four time world champion team Red Bull Racing had two significant advantages when it was formed in 2005.
The financial Austrian energy drink company took over the established Jaguar team rather than starting from scratch and also arrived with significant independent funding.
Meanwhile, Formula One chief executive Bernie Ecclestone could face another lawsuit despite already defending cases on both sides of the Atlantic.
German media group Constantin Medien and U.S. company Bluewaters Communication Holdings are pursuing cases against Ecclestone surrounding the sale of F1 to private equity firm CVC in 2006.
German bank BayernLB confirmed Thursday that it also plans to start action against the British billionaire also in relation to the sale of his F1 business.
"We can confirm that BayernLB is working at high speed on civil charges against Mr Ecclestone and expects to file suit against him in High Court in London in January 2014," BayernLB told CNN in a statement.
Ecclestone was contacted by CNN but his spokeswoman did not wish to comment at this time.