The Epsilon Euskadi team is pushing with its plans to enter Formula 1, although the Spanish outfit refused to confirm if it had lodged its F1 entry.
Epsilon is one of the teams believed to be willing to join Formula 1 next season under the budget cap rules, but president Joan Villadelprat said on Thursday that the financial situation had to be sorted first.
"If those things happen we won't have any financial problems. If they don't happen then we would have financial problems and the project wouldn't go ahead," Villadelprat told Spanish television. "We have the full backing from Bernie Ecclestone. We are a constructor, as we have proved with the Le Mans cars, and now people will understand why we made such an investment last year.
"We have the infrastructure and we have the technical team," added Villadelprat, who has 30 years of experience in Formula 1.
When contacted by AUTOSPORT, the team said it would not make any comments about its F1 involvement yet. The window to submit entries for next year closes today.
The team, led by Villadelprat as well as former F1 designer Sergio Rinland, has its own LMP1 car, with which it has competed in the Le Mans 24 Hours over the past years.