Formula 1

Ferrari’s Binotto open to reduced cost cap for 2021; F1 should avoid rash decisions due to COVID-19

2 Mins read
Credit: Octane Photographic Ltd.

Scuderia Ferrari boss Mattia Binotto has said he would welcome a reduced cost cap for the 2021 Formula 1 season, but says the sport should shy away from quick decisions which have been brought on due to the on-going coronavirus pandemic.

A provisional agreement to reduce the cap, which was set out in new FIA financial regulation, from $175m to $150m has been made between the teams.

The McLaren F1 Team, and others and trying to get the cap reduced to $125m, with a sliding downward scale potentially set to be put in place in future.

Ferrari, along with Mercedes-AMG Motorsport and Red Bull Racing, would be most affected by the proposed changes to the cap; they want assurances that the consequences will be properly assessed before it is reduced any more.

In an interview with Sky Sports News, Binotto said: “We are fully aware that we somehow need to address costs for the future of F1, reducing the costs, which is the first driver of making each single team surviving.

“We are currently discussing with F1, the FIA and all the teams a budget cap reduction, but we should not forget when doing that exercise somehow that we’ve got different structures, we’ve got different assets,” said the Italian.

In an online meeting held on Monday between the team principals and F1 management, discussion surrounded there being a different budget cap for different teams – those who design and supply parts would have a higher cap than customer teams.

“There are teams which are constructors, [like] Ferrari and other top teams, where we are designing, developing, homologating and producing each single component of our cars.

“Other teams are customers, so buying some parts, so not having the same structure obviously because they’re not designing, developing, et cetera all those components.”

He added that all situations should be taken into account when considering to make changes.

“So I think when discussing a budget cap, we should not forget that we’ve got different situations, and it’s important that we found common ground somehow which is suiting to the different situations, and maybe the answer is not a single budget cap equal for all the teams finally.

“More important as I said, we had a meeting [on Monday] with all the teams, FIA, the F1, and I think it has been a constructive and positive meeting.

I think there are still let me say analysis required to make the right decisions. I think we should avoid really to be emotional at the moment,” he concluded.

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