Spanish businessman Teo Martin has purchased the DAMS team to compete in the rebranded Formula 3.5 series next year.
Teo Martin Motorsport will make its debut in the championship after taking over the DAMS entry following the French squad's decision to leave the series after the current season.
DAMS took Carlos Sainz and Kevin Magnussen to the drivers' titles in 2014 and 2013 respectively, but was not on the entry list announced by RPM after it took over the running of the FR3.5 following Renault's exit.
Martin, whose team has competed in the International GT Open in 2015, had purchased the assets of former F1 team HRT after the Spanish squad folded at the end of 2012.
"It's a real pleasure to welcome Spanish team Teo Martin to the championship," said RPM president Jaime Alguersuari.
"I share many values with Teo Martin, an excellent athlete and manager of upscale automobile projects, and above all, passionate about motorsport."
DAMS finished in second place in this year's FR3.5 series, taking victory in the final race of the season at Jerez with McLaren junior Nyck de Vries.