Motorsport Week
  • Formula 1
    • 2023 Formula 1 Calendar
    • 2023 Formula 1 Standings
    • 2023 Formula 1 Driver Line-Up
    • 2023 Formula 1 Driver Penalty Points
    • 2024 Formula 1 Driver Line-Up
  • Formula E
    • 2022/23 Formula E Standings
    • 2022/23 Formula E Calendar
    • 2022/23 Formula E Team/Driver Line-up
  • IndyCar
    • 2023 IndyCar Calendar
    • 2023 IndyCar Driver Line-Up
    • 2023 IndyCar Standings
  • WRC
    • 2023 WRC Calendar
    • 2023 WRC Standings
    • 2023 WRC Driver Line-up
  • MotoGP
    • 2023 MotoGP Calendar
    • 2023 MotoGP Team/Rider Line-Up
    • 2023 MotoGP Standings
  • WEC
    • 2023 WEC Calendar
    • 2023 WEC Hypercar Team/Driver Line-up
  • IMSA
    • 2023 IMSA GTP Team/Driver Line-up
    • 2023 IMSA Calendar
  • More
    • Formula 2
      • 2023 Formula 2 Race Calendar
      • 2023 Formula 2 Driver Line-up
    • Formula 3
      • 2023 Formula 3 Race Calendar
      • 2023 Formula 3 Driver Line-up
    • DTM
    • WSeries
    • Technical Insight
    • Galleries
    • About/Contact
    • Privacy Policy
No Result
View All Result
  • Formula 1
    • 2023 Formula 1 Calendar
    • 2023 Formula 1 Standings
    • 2023 Formula 1 Driver Line-Up
    • 2023 Formula 1 Driver Penalty Points
    • 2024 Formula 1 Driver Line-Up
  • Formula E
    • 2022/23 Formula E Standings
    • 2022/23 Formula E Calendar
    • 2022/23 Formula E Team/Driver Line-up
  • IndyCar
    • 2023 IndyCar Calendar
    • 2023 IndyCar Driver Line-Up
    • 2023 IndyCar Standings
  • WRC
    • 2023 WRC Calendar
    • 2023 WRC Standings
    • 2023 WRC Driver Line-up
  • MotoGP
    • 2023 MotoGP Calendar
    • 2023 MotoGP Team/Rider Line-Up
    • 2023 MotoGP Standings
  • WEC
    • 2023 WEC Calendar
    • 2023 WEC Hypercar Team/Driver Line-up
  • IMSA
    • 2023 IMSA GTP Team/Driver Line-up
    • 2023 IMSA Calendar
  • More
    • Formula 2
      • 2023 Formula 2 Race Calendar
      • 2023 Formula 2 Driver Line-up
    • Formula 3
      • 2023 Formula 3 Race Calendar
      • 2023 Formula 3 Driver Line-up
    • DTM
    • WSeries
    • Technical Insight
    • Galleries
    • About/Contact
    • Privacy Policy
No Result
View All Result
Motorsport Week
Home Single Seater Formula 1

Monaco-based firm reiterates interest in F1 team entry

by Phillip Horton
3 years ago
A A
0
Monaco-based firm reiterates interest in F1 team entry

Monaco atmosphere. Monaco Grand Prix, Wednesday 24th May 2017. Monte Carlo, Monaco.

Share on FacebookShare on Twitter

The renamed Monaco F1 Racing Team Project has reiterated its interest in entering Formula 1 in the future and hopes the $200m entry fee for new squads can be waived.

In October 2019 Monaco Increase Management, a firm led by businessman Salvatore Gandolfo, revealed its ambitions to enter Formula 1 in 2021 in conjunction with junior squad Campos Racing.

It outlined that it had held meetings with Formula 1 chiefs Ross Brawn and then CEO Chase Carey and had hired Peter McCool and Ben Wood as Technical Director and Chief Aerodynamicist respectively.

MIM also manages several drivers in motorsport, most notably Porsche Formula E racer Pascal Wehrlein, who previously competed for Manor and Sauber in Formula 1, and Ganassi IndyCar racer Alex Palou.

RelatedPosts

McLaren: Red Bull ‘still a step too far’ ahead after Norris claims

McLaren: Red Bull ‘still a step too far’ ahead after Norris claims

48 mins ago
Williams: Sargeant Suzuka crash ‘masking steady performance’

Williams: Sargeant Suzuka crash ‘masking steady performance’

2 hours ago

Last summer MIM affirmed that its project was still in the pipelines as it awaited better visibility on the outcome of the Covid-19 pandemic.

Formula 1 is still introducing a budget cap this year, lowered to $145m from the original $175m, but the proposed new technical regulations have been deferred by 12 months.

Haas was the last new team in Formula 1, joining in 2016, while its three predecessors – Lotus Racing, Virgin and Hispania – entered in 2010, enticed by tighter financial restrictions that were ultimately scrapped.

Formula 1 last year ratified a proposal that any new team seeking to join would have to pay $200m in order to protect the value of existing squads and also to dissuade inappropriate parties.

However new Formula 1 CEO Stefano Domenicali recently suggested that the fee could be waived in the right circumstances.

In a statement released by MIM on Monday, Gandolfo said that “the current Monaco F1 Racing Team Project was the first to actively discuss the possibility of an entry with the F1 governance, as early as 2019, and to set up a structure accordingly, realising the potential of the new Technical Regulation that was initially supposed to come into force in 2021 (and was subsequently delayed because of the pandemic).

“We believe that the recent statements of the new F1 CEO Stefano Domenicali, which suggest that the $200m entry fee for new teams could be waived, represent a step forward in the right direction.

“We appreciate the open attitude of both Stefano and the FIA and are ready to take the necessary steps in order to have our application finalised.”

Tags: F1Monaco
Share800Tweet500

Related Posts

McLaren: Red Bull ‘still a step too far’ ahead after Norris claims
Formula 1

McLaren: Red Bull ‘still a step too far’ ahead after Norris claims

48 mins ago
Williams: Sargeant Suzuka crash ‘masking steady performance’
Formula 1

Williams: Sargeant Suzuka crash ‘masking steady performance’

2 hours ago
Gasly doesn’t ‘understand’ Alpine Japanese GP team order
Formula 1

Alpine must clarify Suzuka team orders communication – Famin

3 hours ago
Load More

Upcoming Races

#EventLocationDate
14Dutch GPZandvoort27 August
15Italian GPMonza03 September
16Singapore GPMarina Bay17 September
17Japanese GPSuzuka24 September
18Qatar GPLusail08 October

Click here for the full 2023 F1 calendar

Drivers’  Standings

#DriverPts
Max Verstappen400
Sergio Perez223
Lewis Hamilton190
Fernando Alonso174
Carlos Sainz150
Charles Leclerc135
Lando Norris115
George Russell115
Oscar Piastri57
Lance Stroll47

Click here for full Drivers’ Standings

Latest Articles

McLaren: Red Bull ‘still a step too far’ ahead after Norris claims
Formula 1

McLaren: Red Bull ‘still a step too far’ ahead after Norris claims

September 27, 2023
Williams: Sargeant Suzuka crash ‘masking steady performance’
Formula 1

Williams: Sargeant Suzuka crash ‘masking steady performance’

September 27, 2023
Gasly doesn’t ‘understand’ Alpine Japanese GP team order
Formula 1

Alpine must clarify Suzuka team orders communication – Famin

September 27, 2023

Follow Motorsport Week

Motorsport Week

© 2023 Motorsport Media Services Ltd

Other Links

  • About & Contact
  • Privacy Policy
  • Motorsport Monday

Follow Us

No Result
View All Result
  • Login
  • Sign Up
  • Home
  • Formula 1
    • Latest News
    • Championship Standings
    • 2023 F1 Calendar
    • Team/Driver Line-Up
    • Session Results
    • Driver Penalty Points
  • Formula E
    • Latest News
    • 2022/23 Formula E Standings
    • 2022/23 Formula E Calendar
    • Session Results
  • MotoGP
    • Latest News
    • Standings
    • Calendar
  • WRC
    • Latest News
    • Standings
    • Calendar
  • IndyCar
    • Latest News
    • Calendar
    • Standings
  • WEC
    • Latest News
    • Calendar
  • Live Updates
  • Other
    • Formula 2
    • Formula 3
    • Moto2
    • Moto3
    • WSeries
    • DTM
    • IMSA
  • Galleries
  • About/Contact
  • Privacy Policy

© 2023 Motorsport Media Services Ltd

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
X