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 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."
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.
Related video
Previous article
FIA reveals Hamilton exchange over Monza pitlane penalty
Next article
Top 10 F1 to Indy car converts ranked
About this article
| Series | Formula 1 |
| Author | Luke Smith |
The tricky driver conundrums facing Mercedes in F1 2021
Ahead of the new Formula 1 season, reigning world champions Mercedes will take on challenges both old and new. This also can be said for its driver conundrum which could become key to sustaining its ongoing success...
How Alpine's cure to 2021 F1 rules starts at the front
A new name, new faces and new colours pulls the rebranded Alpine Formula 1 team into a new era while carrying over core elements of its 2020 car. But under the surface there's more than meets the eye with the A521 which hints at how the team will tackle 2021...
Can Mercedes' W12 retain the team's crown?
Replacing Formula 1's fastest car was never going to be an easy feat for Mercedes. Amid the technical rule tweaks to peg back the W12 and its 2021 rivals, the new Mercedes challenger will remain the target to beat
The pointed note that starts Ferrari's Leclerc vs Sainz era
Ferrari is starting its post-Sebastian Vettel age by welcoming Carlos Sainz in alongside Charles Leclerc. But while Sainz has a tough challenge to match his new teammate, Ferrari is also sending a message that previous intra-team spats must end
The mantra Ocon must follow to challenge Alonso at Alpine
OPINION: It's been an uneasy ride for Esteban Ocon since his F1 comeback - and fresh challenges lie in wait as he's joined by double world champion Fernando Alonso in the newly rebranded Alpine team. STUART CODLING sets out a roadmap to success…
Why Haas is willing to sacrifice its 2021 F1 season
Every Formula 1 team is facing the same difficult decision this season: how do you split precious aero development time between the current car and the all-new 2022 project?
The big questions of F1 2021 - Karun Chandhok
After an unprecedented season last year, there are plenty of questions and storylines for the upcoming Formula 1 campaign. Sky Sports F1 pundit Karun Chandhok gives his verdict.
How McLaren F1’s new investors have already made an impact
The deal McLaren concluded with MSP Sports Capital last year which will help the cash-strapped Formula 1 team pay for much-needed infrastructure upgrades, also points toward the future for F1 itself, says GP Racing's Stuart Codling.
