HUNTINGDON'S Lola Cars has confirmed it will be applying to join F1 from next season. The St Peter's Road company had been debating joining the sport after FIA World Motorsport Council announced in April that teams competing next year would have to restrict spending to £30million. A further £10m has since been added to the budget, but that has not put Lola off and the racing car company will be apply for a place in the competition. The Lola Group says it believes that the cost-capping will help new teams enter the F1 competition and should be embraced. However, the firm says it is also imperative that performance breaks be afforded to new cost-capped entrants as they will have limited time to create teams, and design and manufacture their cars.