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Plans for new MIM-backed F1 team 'still alive'

  • Published on 10 Jun 2020 11:10
  • comments 1
  • By: Fergal Walsh

Plans for a new Spanish Formula 1 team to join the gird in the future are “still alive” despite the economic crisis caused by the coronavirus pandemic.

In October of last year, it was revealed that Campos was looking to field an F1 team in 2021 with backing from Monaco Increase Management (MIM), a company that supports racing drivers.

MIM founder and CEO Salvatore Gandolfo said in October that the new budget cap and technical regulations would create a “great opportunity for smaller teams to compete”.

While the budget cap will still be introduced next year at a figure of $145 million, the new technical regulations that will revamp the F1 car, have been pushed back to 2022.

The budget cap was lowered from the original $175 million number due to the coronavirus crisis - and Gandolfo states that while his F1 project remains in the works, he is waiting to see the full repercussions of the pandemic before proceeding.

“The project is still alive,” Gandolfo told Blick via his spokesman Alberto Antonini. “But because of the current situation, it is impossible to plan the next steps. 

Gandolfo added that he would only go forward if the money distribution between teams was more even: “Then I would have to find around €20 million more for a €100 million budget. Only that is realistic and interesting as a business.”

When the plans were originally announced last year, Pascal Wehrlein and Alex Palou, who are both supported by MIM, were linked to the seats.

Wehrlein currently competes in Formula E, but recently announced his immediate departure from Mahindra ahead of an expected move to Porsche later this year.

Palou made his debut in the NTT IndyCar Series last weekend but failed to finish the race after getting collected by a fellow driver.

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  • Maybe, but I don't see them as feasible, even with the budget cap.

    • + 0
    • Jun 10 2020 - 18:59

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Formula 1 Calendar - 2021

Date
Grand Prix
Circuit
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Bahrain
26 - Mar 28
Bahrain
16 - Apr 18
Italy
7 - May 9
Spain
20 - May 23
Monaco
4 - Jun 6
Azerbaijan
18 - Jun 20
France
25 - Jun 27
Austria
2 - Jul 4
Austria
16 - Jul 18
United Kingdom
30 - Aug 1
Hungary
27 - Aug 29
Belgium
3 - Sep 5
Netherlands
10 - Sep 12
Italy
24 - Sep 26
Russian
8 - Oct 10
Japan
8 - Oct 10
Turkey
22 - Oct 24
United States of America
29 - Oct 31
Mexico
5 - Nov 7
Brazil
19 - Nov 21
Australia
3 - Dec 5
Saudi Arabia
10 - Dec 12
United Arab Emirates
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Formula 1 Calendar - 2021

Date
Grand Prix & Circuit
26 - Mar 28
16 - Apr 18
7 - May 9
20 - May 23
Monaco Monte Carlo
4 - Jun 6
Azerbaijan Baku City Circuit
18 - Jun 20
France Paul Ricard
25 - Jun 27
Austria Red Bull Ring
2 - Jul 4
Austria Red Bull Ring
16 - Jul 18
United Kingdom Silverstone
30 - Aug 1
Hungary Hungaroring
27 - Aug 29
3 - Sep 5
Netherlands Circuit Zandvoort
10 - Sep 12
Italy Monza
24 - Sep 26
Russian Sochi Autodrom
8 - Oct 10
8 - Oct 10
Turkey Istanbul Park
22 - Oct 24
United States of America Circuit of the Americas
29 - Oct 31
5 - Nov 7
Brazil Interlagos
19 - Nov 21
Australia Albert Park
3 - Dec 5
Saudi Arabia Jeddah Street Circuit
10 - Dec 12
United Arab Emirates Yas Marina Circuit
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