F1 poised for new team entry from Monaco
F1 poised for new team entry from Monaco
Formula 1 could be poised for its first new entry for several years if the 'Monaco F1 Racing Team' can finalise its plans to take part in the sport.
Team owner Salvatore Gandolfo has been buoyed by recent remarks from F1 CEO Stefano Domenicali that the $200million entry fee could be waived.
The fee was introduced last year to help protect the franchise value of the 10 teams currently competing, whilst also attempting to prevent the false starts as seen in the past such as USF1.
Mercedes motorsport boss Toto Wolff suggested at the time the introduction of such a fee would help F1 remain "special".
Gandolfo's team is known to have been eyeing an entry for a couple of years, but has waited for the introduction of the budget cap and the new regulations due to come into force next year, only to then be dismayed by the entry fee.
But in the wake of Domenicali's comments in his first written media interview last week since taking up his new position at the start of the year, Gandolfo is ready to push ahead with his plans.
The Italian-born, Swiss-raised businessman, who runs driver management company Monaco Increase Management, said in a statement: "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 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 in order to have our application finalised."
With regard to the entry fee, Domenicali said: "At the end of the day, if you look at that amount of money, it is really the value of a team being able to compete. That was the thinking behind that.
"So I would say, if something has to change, we have the time to do it. These are cases that need to be deliberated and discussed."
F1 has not had a new team enter the sport since Haas in 2016.
Related
Change your timezone:
Latest News
Newey tipped to POACH key Red Bull staff if he joins F1 rivals
- 25 minutes ago
F1 paddock favourite admits immense DOUBTS over Verstappen Red Bull future
- 1 hour ago
Hamilton F1 rival makes SURPRISE claim about Ferrari move
- 2 hours ago
Schumacher names shock F1 star to replace Hulkenberg at Haas
- 3 hours ago
Hamilton in Arsenal title wish after STUNNING revelation
- Today 15:05
F1 boss 'in early talks' to SELL 25 percent of team
- Today 13:57
Related news
F1 decision announced regarding points system change
F1 boss HITS BACK at star driver over schedule complaints
F1 franchise welcomes return of INCREDIBLE feature
F1 legend issues DAMNING verdict on proposed rule change
F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860