In 2009 Gascoyne was part of plans by the Litespeed F3 team to enter Formula One in 2010, under the Team Lotus name. They failed to gain entry, but Gascoyne continued to work on the plans and got backing from the Malaysian government to form Lotus Racing. The team gained entry for the season in September 2009. Throughout several name changes the team is now called Caterham F1 Team and on 29 September 2010 it was announced that Gascoyne had signed an extension to his contract, tying him to the Caterham group until 2015.