This is how it works:

You have £46.5 Million to spend on 2 drivers, a constructor chassis, an engine and tyres. You do not have to spend it all, but you cannot spend any more.
You score points for all of your selection based upon pole positions, lap records and race results.
You can nominate one circuit for the season where all of your points gained will be doubled.
There will be a prize for the best overall season’s performance.
Email updates will be sent regularly to those who have entered, and all teams and results will be available on the 155 Sqn ATC website at the end of the 2003 season.

There are of course some rules that apply.

If your team value totals more than £46.5M, your entry will be declared null and void. In this case, no entry fees that may have been paid will be refunded.
If one of your selected drivers is forced out of racing due to injury, loss of budget, performance etc., then that driver will not be able to score any further points. You will not gain points for the replacement driver. If however one of your drivers moves to another team, the selection will still be valid, and you will continue to score pointsfor the selected driver.
If a driver is replaced, points will still be scored for the Chassis, engine ad tyres as long as the car is still entered.
All results will be based upon those published as the official result, and will not include any points where drivers or teams are subsequently excluded from a race result more than one week after the event.
If you wish to transfer a driver, tyres, engine or chassis, you may do so, but at the penalty of 200 points. Your overall team Budget must however remain below £46.5M.
You are allowed as many transfers as you wish during the season (subject to the previous rule). Transfers of drivers by the formula one teams do not incur any penalty points.
You can start at any point of the season, but the earlier you enter a valid team, the better your chances of winning. Entries accepted after the first race, and before the second race of the season will score full points. Entries received after the second race of the season will score 50% of the points available for the previous races, and then full points for remaining rounds.
No person may enter more than 3 free teams in the 2003 competition. There is no limit on the number of teams at the £5 entry fee.
Only the top 20 team will be listed in the on-line results table, full positions will be broadcast via email after rounds 4, 8 and 12.
In the event of a tie, the overall winner will be decided on a count back basis on the number of wins and second places gained.
The judge’s decision is final.
For any ATC units or Cadets entering a team, please prefix the team name with your Squadron number.

The scoring system:

Points for first qualifying session final grid position, but only for the drivers.
Points for the final qualifying session for teams, drivers, chassis and engines.
30 points for finishing in first position, 25 for second down to 6 points for 6th place.
5 points for setting a new lap record, on a circuit that has a valid standing lap record.
10 additional points for a pole starting position
2 points if you are still running at the end of the race and classed as having finished (within 5 laps of the winner).
20 points for any individual driver that scores championship points in 4 consecutive races.
20 points deducted from any team that is disqualified from a race due to a technical infringement of the rules. This also applies to any penalty imposed on the team during a race.
5 points deducted from any team that suffers a pit crew injury during pit stops.
10 points deducted from any driver or team that gains a stop-go or drive through penalty.
10 points deducted from any driver that stalls on the grid, causing a race restart or safety car intervention.
6 points deducted from any tyre manufacturer that suffers a puncture during a race. The penalty applies to each individual tyre that fails, unless caused within 1 lap of a collision.
6 points deducted from any engine manufacturer that suffers a major engine blow-out or fire during a race for each individual engine.
8 points for any driver/chassis/car that improves their starting position by at least 4 places by the end of the race based upon final standings. A further 10 points will be added for gaining 6 places or more.
Double any points scored at any round by the selection of a bonus circuit, but this also applies to penalty points if they apply.
For any team spending less than £46M of their budget, there will be an award of 20 bonus points per round.