Formula One fans just might see a new team added to the grid, should the Monaco F1 Racing Team have its way.
Rumours continue to float around online, saying a potential new Formula 1 entry under the name ‘Monaco F1 Racing Team’ could be on the cards, as it is actively seeking to join the world championship.
Salvatore Gandolfo, who is the founder of a management firm, Monaco Increase Management, is the man behind the entry.
Mr. Gandolfo had previously revealed plans in 2019 for a new, Spanish-based team, which would use the junior outfit Campos Racing’s facilities.
The recent change of name is understood to have been made in relation to the Automobile Club de Monaco, which promotes the principality’s round of the Formula 1 world championship among other events.
In a statement issued on Monday, Gandolfo welcomed Domenicali’s willingness to waive the fee and said he is prepared to proceed with an application to enter F1.
“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 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.”
Gandolfo has previous plans to enter into Formula 1 in 2021, taking advantage of a new budget cap and across-the-board changes to the technical regulations.
However while the budget cap comes into force this year, set lower than was planned in 2019, the new technical regulations have been postponed by another year as a cost-saving measure due to the COVID-19 pandemic.
Formula 1 has also said that new entrants will have to hand over a $200 million ‘anti-dilution fee’, which would be divided among rival teams.
However CEO Stefano Domenicali suggested that this may be waived in certain situations.