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The team chosen by the FIA to enter Formula 1 in 2011 will have to pay a £16m deposit, Bernie Ecclestone has revealed.

The sport recently abolished the long-standing entry requirement of a $48m bond, even offering new teams a multi-million-pound start-up fund.

But according to London's Evening Standard, the last spot on next year's grid will only be filled by a team that can prove it is in good financial health.

FIA president Jean Todt's son Nicolas recently withdrew the 2011 application of his GP2 team ART, but others including US group Cypher, Spanish Le Mans team Epsilon Euskadi and possibly Serbian hopefuls Stefan GP remain interested.

"We have told them that if they can't put £16m in now we don't want them," Ecclestone said. "If they can't find that now, there is no way they are going to run."