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F1 tags himself as the most prestigious category

Football News

Ferrari Team Principal Mattia Binotto warned that if the budget caps were cut after the coronavirus pandemic the team would be able to abandon Formula One.

The teams of last year committed to a budget cap of USD 175 million (£142 million) for 2021, but with the suspension sport and some teams struggling to hire staff during the closure, there were suggestions that it could be reduced further.

Last week’s talks suggested that the 2021 cap may be reduced to $145 million (£118 million) and then $130 million (£105.5 million) for 2022, according to sources.

No consensus was found and Binotto said in an interview with The Guardian that he thought these limitations could devalue the www.theguardian.com/international sport.https:/

“The amount of 145 m US dollars is already a fresh and challenging request in comparison with what was put out last June,” he said.

“It can’t be done without more significant sacrifices, especially in terms of our human capital. If it were to get any smaller, we wouldn’t want to be in a position to look for other alternatives to deploy our racing DNA.

“F1 must be the pinnacle of motorsport in terms of technology and results. It must be appealing to car manufacturers and advertisers who want to be connected to this most prestigious category. ‘If we unnecessarily limit costs then we run the risk of dramatically reducing the standard, making it ever closer to the lower formulae.’

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