They did submit an entry too.
Interesting read:

http://www.autosport.com/news/report.php/id/75791

These the parts that attracted my attention:

"We submitted our entry with the budget cap in mind, but we are waiting for the FIA to decide what the final rules will be. As of today, we are under the budget cap, but the budget cap is a bit misleading, because it's £45 million plus drivers, plus marketing and a series of things. The budget I think is needed is around 70-75 million."
£70-75 million is around or even more than the Force India budget! So why didn't these teams want to be in F1 before?!

"In Formula 1 it has been made very clear that money is not everything, because not all the teams with big budgets have done a decent job over the last years. So money is not everything. It's about organisation, about know-how, about creating a good team, and about having the resources to launch the project. But the decision is up to the FIA, and I hope they can value our programme and our concept."
Once again if money isn't the most important in F1 than why everyone is so willing to get in now when there are talks about a budget cap

However, IF what he says in the article is true, than I would love them to be 1 of the 3 new teams as they look to be the best prepared for this step and the most serious ones.