“We are also looking for alternatives to Formula 1”- Ferrari takes back words; want to invest elsewhere for job securities

“We are also looking for alternatives to Formula 1”- Ferrari takes back words on not seeking investment opportunities outside Formula 1.

The pandemic has brought in extensive reforms to Formula 1, which includes budget-caps. Ferrari has argued that the budget cap would force them to do cost-cutting, as their erstwhile financial spending afforded a huge force of workers.

Unaware of the stringent steps, Ferrari’s team principal Mattia Binotto discarded that Ferrari would ever invest in other motorsport avenues like IndyCar.

“After our discussions, we have concluded that we will not engage in IndyCar racing in the coming years,” Binotto confirmed to Speed Week back in May.

However, FIA’s stringent steps over budget caps are forcing Ferrari to reverse its decision and seek IndyCar opportunities to save its employees.

“As Ferrari, we feel a strong social responsibility towards our employees and are concerned about their future,” said Binotto as per the Judge123.com.

“That is why we are also looking for alternatives to Formula One, such as IndyCar.”

Ferrari already scattering its workforce.

Amidst the call of budget caps, Ferrari has to make redundancies. It has already loaned a huge chunk of its workforce to Haas, who will be using a sector of Maranello ahead of the 2021 season.

With the caps being a long-term FIA plan, Ferrari would eventually need people to take responsibility elsewhere. Though, at least this year, the whole focus would be on F1.

“It would be possible in the medium and long term, but today we want to concentrate on our investments in Formula 1”. said Ferrari boss. Meanwhile, Ferrari also has Alfa Romeo to fall under the budget cap requirements.

Nevertheless, Ferrari has constantly shown its reservations against budget caps, where Binotto emphasised the effect it will cause against the job securities in big teams like Ferrari and Mercedes.

About the author

Tanish Chachra

Tanish Chachra is the Motorsport editor at The SportsRush. He saw his first race when F1 visited India in 2011, and since then, his romance with the sport has been seasonal until he took up this role in 2020. Reigniting F1's coverage on this site, Tanish has fallen in love with the sport all over again. He loves Kimi Raikkonen and sees a future world champion in Oscar Piastri. Away from us, he loves to snuggle inside his books.

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