The rules this year are, virtually, unchanged from past seasons. In a nutshell, they are that each team consists of 2 drivers, an engine, a chassis and a set of tyres. In order to buy these items, each team manager is given £100m.
During the F1 season, each team element (drivers, engines, chassis and tyres) gains points for their real-life performances on the track. As your team elements gain you points, they also gain you money - £100,000 for every 10 points. This enables you to upgrade your team as the season progresses. However, as your team gain you points and money, the team elements lose value. Each time you sell something, it loses 20% of its value. For example, if you started the season with Kimi Raikkonen, bought for £45m, but decided later on that you would rather have Fernando Alonso, you would only get £36m back from the sale of Raikkonen, meaning that you would have to find an extra £7m in order to afford Alonso at £43m.
Until just before the first race in Australia on 18th March, you will be able to make unlimited transfers at no penalty (ie if you sell Kimi you would still get £45m). Unlike past seasons, the transfer window will remain open for the entire season.
Teams must be entered before qualifying to gain any points for that particular race. This means that the closing date to get points for the first Grand Prix is midnight GMT on Friday 15th March. (Note that midnight GMT means the beginning of Friday)
Also, please note that I reserve the right to disallow and/or suspend any teams which do not meet the entry criteria.