Stefan Grand Prix was founded by Serbian-born engineer and businessman Zoran Stefanović, with hopes of becoming Serbia's first Formula One team.

The Formula One community was first made aware of Stefanović's ambitions after he filed a complaint with the European Commission, of a similar nature to one submitted by N.Technology.

[5][6] Stefanović claimed that the entry selection process had been biased in favour of teams who had nominated to run the Cosworth engines that were being introduced for 2010.

[9] With the vacancy left by Toyota, the FIA moved to fill the thirteenth and final grid position, which was contested between Stefanović and Peter Sauber, after BMW sold the team back to him.

[13] Zoran Stefanović was reported as attempting to merge USF1 with Stefan Grand Prix, though the plan failed after meeting with resistance from USF1 founders Peter Windsor and Ken Anderson.

[16] On 29 January the team confirmed that it would be receiving technical support from Toyota, and that it was still pushing in its efforts to join the grid for 2010 just six weeks before the first race of the season.

Formula One's commercial rights holder Bernie Ecclestone mentioned that he had spoken to Mirko Cvetković, the then-Prime Minister of Serbia, and that he was confident that Stefan had the funding required for F1.

[21] In April, Stefanović announced that in addition to applying to enter the 2011 season, he was also planning to build the "Stefan Technology Park", which included a Formula One-standard circuit, in Stara Pazova.

[23][24] In the week before the 2010 Italian Grand Prix, the FIA announced that none of the prospective entrants met the minimum funding or engineering requirements, leaving the thirteenth grid slot vacant.

[26][27] In July 2017, Stefanović revealed a new plan to enter the series from the 2019 season, stating that he had a facility in Parma and personnel ready to set up a team.