The Attleborough-based outfit have been denied a coveted spot on the provisional grid for the 2010 Formula One season after the FIA – the sport's governing body – announced their preliminary list of teams for the 2010 championship.

Instead, Formula One's three new sides next year will be Manor Grand Prix, Campos Grand Prix and Team US F1.

However, Litespeed are upbeat that their breakthrough could still happen.

Household names McLaren, Brawn GP, Renault, Toyota, and BMW Sauber must all submit an unconditional entry, while Ferrari, Toro Rosso and Red Bull Racing are preparing a legal battle after, they argue, the FIA invalidated a 2005 contract when president failed to consult them about rule changes.

"We are disappointed not to be on that provisional list," said a Litespeed statement. "However, we understand that in the event that any of the teams listed do not agree the terms imposed by the FIA, we are short-listed to fill any spots which become available.

"Therefore we remain in close contact with the FIA and will work with them to ensure that we are selected in the event that any spaces become available."

Litespeed were poised to run under the Team Lotus name. More than ten years after its last race, Lotus remains one of the most successful racing teams of all time, winning seven Formula One Constructors' titles and six Drivers' Championships.

The statement continued: "Our team remains committed to motor racing and does not intend to let this initial disappointment deter our Formula One ambitions."

Meanwhile, fellow Norfolk team Isport International will not be drawn on whether or not they made an F1 application.

They said: "We are monitoring the situation closely but we will not be commenting on the current F1 debate or our position any further."