He received 22 applications and the successful 12 candidates will be revealed tomorrow morning.

All 11 current teams are expected to retain their spot on the grid for 2008 onwards, leaving just one place for a new team.

That spot is likely to go to ex-BAR boss David Richards’ Prodrive organisation, who already have experience of running Subaru’s world rally team and Aston Martin’s sportscar programme.

Prodrive have already announced plans to build a Formula One factory at a new high-tech base in Honiley, giving their entry an edge over many rivals.

Carlin Motorsport were also a leading contender and planned to buy the Dorset factory of American racing legends Penske, while the Jean Alesi-led Direxiv bid was to be run from McLaren’s former base.

Mosley, speaking at last weekend’s San Marino Grand Prix, admitted the decision to pick one new team from 11 contenders had not been easy.

“You simply look at all the different aspects of each team and take the one that looks the best,” he said.

“There were some very good candidates but in the end it was a decision of the world council.”

Former Minardi owner Paul Stoddart has already confirmed his entry has been rejected while other bids from the likes of ex-BAR boss Craig Pollock and Eddie Jordan seem set to be discarded.