The team principal of Ferrari, Mattia Binotto, has suggested that the Italian team could leave Formula 1 because of budget caps.
The budget cap for F1 teams for the 2020 season was 160 million euros, which will be lowered to 135m euros in 2021. The International Automobile Federation (FIA) want to lower that cap even further to 90m euros – something that Ferrari would be against.
“The level is already a new and demanding request compared to what was set out last June,” Binotto told The Guardian. “It cannot be attained without further significant sacrifices, especially in terms of our human resources.
“If it was to get even lower, we would not want to be put in a position of having to look at other further options for deploying our racing DNA. “In F1 we have all sorts of teams with different characteristics.
“They operate in different countries, under different legislation and with their own ways of working.”Therefore, it is not simple and straightforward to make structural changes simply by cutting costs in a linear fashion.
“Like every other sport, F1 is and will continue to feel the effects of the coronavirus pandemic in their finances, but Binotto has warned against rushing into anything. “We are well aware that F1 and indeed the whole world right now is going through a particularly difficult time because of the COVID-19 pandemic,” he said.
“However, this is not the time to react in a hurry as there’s a risk of making decisions on the back of this emergency without clearly evaluating all the consequences.”