MIM F1 project still on, awaiting pandemic aftermath

A prospective new Formula 1 project remains on the cards in spite of the ongoing coronavirus pandemic.

Formula 1 has not had a new team since Haas joined the grid in 2016 while the previous trio of entrants in 2010 – Lotus/Caterham, Virgin/Manor and HRT – all collapsed, with only Manor scoring points.

All three teams new-for-2010 struggled financially after initial plans for a budget cap were shelved.

Last October it was revealed that a firm called Monaco Increase Management (MIM) was exploring a Formula 1 project.

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The organisation confirmed that CEO and founder, Salvatore Gandolfo, held talks with Formula 1 chiefs on a handful of occasions through 2019.

MIM also manages ex-Mercedes protégé and Sauber/Manor racer Pascal Wehrlein, who earlier this week left the Mahindra Formula E team, run by Campos, with which Gandolfo was previously affiliated as CEO. IndyCar rookie Alex Palou, who contended for last year’s Super Formula title, is also under its guidance.

MIM had been evaluating the new-for-2021 technical regulations but these have now been postponed until 2022 on account of the coronavirus pandemic.

But a budget cap, previously set at $175m for 2021, has now been lowered to $145m, a figure which will decrease to $135m by 2023, ostensibly making the sport a more attractive proposition for new entrants.

Sources close to the project have indicated that a future entry in Formula 1 remains in the works, but that it is awaiting “better visibility” on the global situation after the coronavirus pandemic before it plans its next move.

Formula 1 has previously indicated that it did not feel any new teams were likely before 2022.