Hello!
I was able to find a spot for drift teams but not race teams, if such a place exists this can be moved!
I ran a team in FM3 - it was great! I love teams. I am a pretty average driver but I really like the camaraderie of the team idea. You can make liveries to show of your team spirit, make team specific tunes and basically get to know and race with a bunch of like minded folks. That being said I cant quite figure out if any of this is even possible in FM5. It seems the only way to communicate with a team at all is via an online forum totally disconnected from FM5. I cant see how to share paints or tunes or even vinyls. Putting them up locked on the storefront is the only viable option but that seriously limits folks working together to improve tunes and such. I do see some folks sharing open source tunes by creating long posts with all the upgrades and stats to enter but thats crazy talk! 
Well not really, I know it works but its a lot of work for the tuner to type up if he is making a lot of team tunes. Dont get me wrong I will still race with a team it just feels a bit empty without any kind of in game capabilities.
Thanks
Chris