The new FB Corse squad claims to have been given approval to start racing in the 2010 MotoGP world championship from the third round in Jerez.
The three-cylinder project has been given the green light after Garry McCoy put the bike through its paces in front of International Race Teams Association representative Franco Uncini at the Valencia circuit.
Although no official lap times were released, it is understood that former Red Bull Yamaha and factory Kawasaki rider McCoy was way off race pace at the Spanish circuit.
And it is likely that Uncini will want to witness the bike, built by Oral Engineering originally as a project for BMW, again in testing before final approval is given for McCoy to compete.
By not planning on racing until the third round in Jerez on May 2, the decision to miss the Qatar and Japan races at least gives FB Corse more time to put in crucial development miles on the FB01 machine.
Australian rider McCoy, who won three premier class races in 2000, said: “What we achieved was remarkable because from where we started from the first day to achieve so many laps today, I really did not expect that at all.
"I was really wanting to go to Qatar and Japan but I think that our decision is very wise as we have to concentrate on the development of the bike in order to improve and be competitive from the first race.”
And Sergio Bertocchi added: “I am really happy about all the compliments we have received from Dorna and Franco Uncini. I was not really expecting to be at that level.
"I am very satisfied that they allow us to enter the championship when we want and we will do the necessary development in order to enter with the best conditions.”
FB Corse were continuing to test at Valencia today (Thursday).