When the FIA opened entries for the 2010 season they received 15 applications for new teams to increase the size of the current F1 grid. Campos, owned by former F1 driver Adrian Campos, were one of three successful teams.

Campos launched his team in 1998 and since then has run cars in numerous high level championships from EuroF3 to F1 feeder series GP2. Their record is impressive, having won six drivers' championships and five team titles including the 2008 GP2 series. The team will compete in Formula One as the Campos Meta Team, in collaboration with Meta Image, a Madrid based sports marketing agency which specialises in event management, sponsorship, PR and image rights marketing.

The team's administrative headquarters are based in Madrid, with the technical facility at Campos Racing's current HQ in Valencia, close to the Ricardo Torno circuit. This facility already housed their F3 efforts as well as the Mexican A1GP team. Campos will run Cosworth's F1 engine for the 2010 season and the team have agreed technical partnerships with Dallara and Xtrac. The team were reportedly so confident of achieving an F1 entry their car was already well in development by the time the team was confirmed. As another show of confidence, Campos became the first of the "new teams" to announce a driver for 2010. At the end of October the team announced that they had signed Bruno Senna, nephew of F1 legend Ayrton.