“Ready to take the necessary steps”- New team from Monaco seeks entry in Formula 1 with CEO Stefano Domenicali’s recent statement.
A new team from Monaco has shown interests in entering Formula 1 with a heavy waiver to the interested clients as suggested by F1 CEO Stefano Domenicali.
Till now, all the newly entrant teams were supposed to deposit a $200 million “anti-dilution” fee to register themselves in the competition, but now Domenicali has proposed that this could be waived off.
Responding to the comment, Salvatore Gandolfo, founder of management firm Monaco Increase Management, has welcomed this move, as he is eyeing to present an F1 team from Monaco.
“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,” he said.
“Realising the potential of the new technical regulations that was initially supposed to come into force in 2021 (and was subsequently delayed because of the pandemics).”
“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 to have our application finalised.”
Could recall some familiar names
The franchise is reported to include Daniele Audetto, Ferrari’s sporting boss during the Niki Lauda years. Paul Wehrlein, who had a brief spell with Mercedes and Ganassi IndyCar driver Alex Palou is touted to be the possible drivers.
This entry can also attract new manufacturers in the sport, with Red Bull already looking for a prospective partner out of works team ahead of 2025 new engine regulations.
This seems to be the appropriate time for others to enter F1 if this waiver is removed, as the budget caps will give a level field to all the teams.