BANBURY motorsport factory Prodrive havemade a dramatic eleventh-hour bid to join the Formula 1 ranks.

The firm's application to have cars on the grid for the 2008 world championship was made on Friday the deadline day for entries.

Prodrive are one of 11 teams applying for one vacant spot after the FIA, F1's governing body, confirmed they had received 22 entries for the 2008 series.

All applicants have been invited to a meeting in London on April 10.

The FIA has made it clear that only 12 teams can compete in F1, and with 11 already in the category, only one vacancy remains.

Prodrive already compete in the World Rally Championship with Subaru, in international sports car racing with Aston Martin, and with Ford in the Australian V8 Supercar Series. David Richards, Prodrive chairman, said: "F1 is still the pinnacle of motorsport and therefore a natural next step for Prodrive.

"While we may be a very large company in motorsport terms, we are very much a minnow in comparison to the vehicle manufacturers who dominate the sport.

"However, on the basis of the new regulations being proposed by the FIA, we believe the time is now right for us to take this next step."

Richards and his team have extensive experience of F1 having managed the BAR team from 2002 to 2004, taking them to second place in the 2004 manufacturers championship.

Richards was also team principal for Benetton in 1998.

Prodrive plan to house their F1 team in new purpose-built premises at Kenilworth, Warwickshire.

This is still subject to planning permission, but if granted, construction would start at the end of the year.

Until then, Prodrive would run the F1 programme from Banbury.

Richards added: "Should our entry be accepted, we would aim to play a constructive part in determining the new rules, so that private teams, without access to the massive resources of the vehicle manufacturers, can once again be competitive."

Prodrive's main competitors for the F1 spot are former Minardi boss Paul Stoddart and Richards's predecessor at BAR, Craig Pollock both have been connected to entries.

The FIA will announce the 2008 line-up on April 28.