Monaco-based start-up team still interested in F1 entry

A Monaco-based start-up team remains interested in a Formula 1 entry in the near future, calling a possible waiver of the $200m dilution fund fee "a step forward".

Monaco-based start-up team still interested in F1 entry

Monaco Increase Management announced in late 2019 that it was targeting an entry to F1 in conjunction with Campos Racing upon the change in technical regulations in 2021.

Founder Salvatore Gandolfo claimed at the time that the group had "the financial solidity required by the FIA to make this project a success", but FIA president Jean Todt had downplayed the chances of a new team joining the grid.

Under the new Concorde Agreement coming into force this year, any team wishing to join the grid along the existing 10 squads must pay a $200m dilution fund fee that would be divided between its rivals in a bid to protect their revenues.

F1 CEO and president Stefano Domenicali recently said discussions were taking place with manufacturers about future involvement, and that he would be open to discussing a review of the anti-dilution fee, depending on the circumstances.

In a statement issued on Monday, Gandolfo confirmed that Monaco Increase Management remained commitment to the project, and welcomed any possible waiver of the anti-dilution fee.

"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 regulations that were initially supposed to come into force in 2021 (and was subsequently delayed because of the pandemic)," the statement from Gandolfo reads.

"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."

Read Also:

In the 2019 announcement, project named current Porsche Formula E driver Pascal Wehrlein and IndyCar racer Alex Palou as candidate drivers in 2019, as well as working with ex-Ferrari, Arrows and Super Aguri figure Daniele Audetto as an advisor.

But F1 responded to the claims by saying it was holding "no serious discussions" with new teams, and it is understood that this position has not changed.

Any candidate F1 team must apply in response to an FIA tender, with the last successful addition to the grid coming in 2016 when Haas joined the field.

shares
comments

Related video

FIA reveals Hamilton exchange over Monza pitlane penalty
Previous article

FIA reveals Hamilton exchange over Monza pitlane penalty

Next article

Top 10 F1 to Indy car converts ranked

Top 10 F1 to Indy car converts ranked
Load comments
The line Verstappen finally crossed in F1's first Jeddah race Prime

The line Verstappen finally crossed in F1's first Jeddah race

OPINION: Max Verstappen has made the 2021 Formula 1 championship. He’s taken the fight to the all-conquering Mercedes squad and its dominant champion, produced driving displays few can match. But he’s been on a controversial course too, and finally crossed a particular line in Jeddah

Why thrilling Jeddah F1 circuit needs to be safer Prime

Why thrilling Jeddah F1 circuit needs to be safer

OPINION: Saudi Arabia's new F1 circuit delivered a memorable first event, although not necessarily for all the right reasons. In the wake of the chaotic race, drivers voiced their concerns about the track but small changes could make significant improvements ahead of a return in four months.

The long-term F1 vision causing Haas’s short-term pain Prime

The long-term F1 vision causing Haas’s short-term pain

From ranking as one of the most impressive new teams to join the Formula 1 grid, Haas’s stock has plummeted along with its on-track performances over the past two seasons. Everything now hangs on whether its reforged alliance with Ferrari can deliver a better car – and whether its rookie drivers can set aside their quarrels. Oleg Karpov asks if any of these goals are achievable…

Saudi Arabian Grand Prix Driver Ratings Prime

Saudi Arabian Grand Prix Driver Ratings

An ill-tempered Saudi Grand Prix made Formula 1 more soap opera than sporting spectacle at times, but there were some strong performances up and down the field on the world championship's first visit to Jeddah

Formula 1
Dec 6, 2021
How the Jeddah F1 race became a one-sitting Netflix drama series Prime

How the Jeddah F1 race became a one-sitting Netflix drama series

The inaugural Saudi Arabian Grand Prix was a race packed full of incident as Formula 1 2021's title contenders repeatedly clashed on track. Lewis Hamilton won out over Max Verstappen to level the scores heading into next weekend's Abu Dhabi finale, as Jeddah turned F1 into a drama series

Formula 1
Dec 6, 2021
The impressive attitude that earned Albon his second F1 chance Prime

The impressive attitude that earned Albon his second F1 chance

Dropped by Red Bull last season, Alexander Albon has fought back into a Formula 1 seat with Williams. ALEX KALINAUCKAS explains what Albon has done to earn the place soon to be vacated by the highly rated George Russell

Formula 1
Dec 5, 2021
The factors that could negate Red Bull's practice gap to Mercedes Prime

The factors that could negate Red Bull's practice gap to Mercedes

Mercedes led the way in practice for Formula 1’s first race in Jeddah, where Red Bull was off the pace on both single-lap and long runs. But, if Max Verstappen can reverse the results on Saturday, factors familiar in motorsport’s main electric single-seater category could be decisive in another close battle with Lewis Hamilton...

Formula 1
Dec 4, 2021
Why Norris doesn’t expect Mr Nice Guy praise for much longer Prime

Why Norris doesn’t expect Mr Nice Guy praise for much longer

Earning praise from rivals has been a welcome sign that Lando Norris is becoming established among Formula 1's elite. But the McLaren driver is confident that his team's upward curve can put him in the mix to contend for titles in the future, when he's hoping the compliments will be replaced by being deemed an equal adversary

Formula 1
Dec 2, 2021