Having signalled an interest in F1's budget-capped future last month, the British racing car company Lola has now committed to submitting a 2010 team entry by the May 29 deadline.

Having signalled an interest in F1's budget-capped future last month, the British racing car company Lola has now committed to submitting a 2010 team entry by the May 29 deadline.

"The Lola Group is pleased to announce that it will be submitting an entry," part of a statement issued by the outfit, which last attempted a F1 foray in 1997, read.

Lola said the 2010 cap figure was set at 30m pounds sterling when it first began evaluating designing and racing a car next year.

The increase of the figure to 40m "led to a re-examination" of the project by Lola, "culminating in today's confirmation that it will proceed".

The FIA is expected to publish the first 2010 entry list in mid June.