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Mattia Binotto has warned Ferrari will consider their Formula One future if severe budget caps are imposed. The coronavirus pandemic has hit the sport’s finances hard but the team principal has advised against making hasty decisions and believes the proposed cuts in teams’ budgets risked devaluing F1 as the pinnacle of motor sport.
In 2019 teams agreed to a budget cap of $175m (£142m) for 2021 but, with nine races called off this season and F1’s coffers depleted, last week the teams met the FIA and Formula One’s owners to discuss spending limits. Setting a ceiling of $145m for 2021, moving to $130m in 2022, was on the table but they failed to reach an agreement and Binotto was emphatic that Ferrari would be prepared to walk away from F1 should the lower figure be enforced.
Written by Exclusive by Giles Richards
This news first appeared on https://www.theguardian.com/sport/2020/apr/22/ferrari-prepared-to-quit-f1-if-budget-cap-imposed-warns-mattia-binotto under the title “Ferrari to evaluate F1 future if budget cap imposed, warns Binotto”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.
