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The Automobile Club de l'Ouest has announced the creation of a new open-chassis LMP3 category that will run in the European and Asian Le Mans Series from 2015.

The new championship is aimed at providing teams and drivers with a lower cost entry option into sportscar racing, with costs fixed at €150,000.

While exact details will be confirmed in the coming weeks, the ACO said the new category will operate as a one-engine/gearbox and one-tyre formula, but with open chassis regulations.

LMP3 will replace the Formula Le Mans (LMPC) class, a single-make formula which was designed to boost entries in the European and Asian championships.

That initiative failed however, with the Asian Le Mans Series devoid of any LMPC entries and the ELMS boasting an average of three LMPC cars per round.

In both championships, LMP2 will remain the main class.

LMPC will continue to race in the newly-created United SportsCar Championship, the ACO confirmed.

While the transition from LMPC to LMP3 will occur in 2015 for the ELMS, there will be a transition period in the Asian series next year, with FIA CN-homologated cars - one requisite is a carbon chassis - allowed to compete in 2014 and again one year later, this time alongside LMP3.