Lola boss Martin Birrane says his company will decide on Tuesday whether to call a halt to its Formula 1 project after failing to get a place on the initial 2010 entry list.

Although Lola was not named among the successful new applicants when the FIA’s selection was announced on Friday, with question marks still hanging over all the FOTA teams listed, the likes of Lola, Prodrive and Epsilon Euskadi could yet be granted entries if any of the current squads fail to reach agreement with the governing body.

Birrane said Lola had not yet had chance to consider its next move.

Talking to Autosport he said “We will know more on Tuesday, we have to sit down and talk about it.”

“We found out on Friday and haven’t had time really to sit and ponder about it since. We’re reviewing the situation.”

He added that Lola’s F1 project was already at an advanced stage and the team was fully committed to being on the 2010 grid if it received an entry.

“We’ve had our model in the tunnel for the last week, and we have a proper car now,” said Birrane.

“We’ve had a lot of people working on it for seven weeks, with a lot of input from people with current experience in Formula 1.

“The button is pressed, it’s just a case of do we turn it off. We’ve made no decisions yet.”