Campos Racing have lodged an entry with the FIA to compete in next year's Formula One World Championship.

The official week-long entry period began at midnight, with the current Spanish Formula Three team confirming their intentions at five minutes past the hour.

FIA president Max Mosley's budget cap regulation may have angered the current F1 teams, but it has sparked interest with a number of relatively-unknown marques.

The Formula One Teams' Association were due to meet with Mosley in Monaco today as they again seek to find a resolution to the current impasse.

The latest round of negotiations is likely to determine whether Ferrari decide to pursue their 'right of veto' case with the FIA in the civil courts.

If no resolution is found, it is almost certain around seven of the 10 F1 teams will fail to lodge their entry by next Friday's deadline.

With the FIA determined to attract three new teams onto the grid from next year courtesy of the £40million cap, Campos Racing - to be known as Campos Meta 1 - are the first to throw their hat into the ring.

Eight others are known to be interested, spearheaded by former BAR boss David Richards' Aston Martin/Prodrive organisation, along with Wirth Research, Lola, USF1, Epsilon Euskadi, RML, Formtech and iSport.