The Monegasque MIM Group (Monaco Increase Management) has announced a possible new team for Formula 1.
The entry into the pinnacle of motorsports should have taken place in 2021, but this had to be postponed for the time being due to the COVID-19 pandemic and the associated postponement of the new regulations. When the announcement of a $200 million entry fee to be split among existing teams came along, the chances of newcomers were significantly diminished. But now MIM managing director Salvatore Gandolfo is speaking out again and still does not rule out an entry into the top class. The reason for this is the statements of the new Formula 1 boss Stefano Domenicali, who could suspend the entry fee anchored in the new Concorde Agreement under certain circumstances. The Italian did not elaborate on what those circumstances are, but he confirmed that there is interest from new teams despite recent developments.
One of them is the Monaco F1 Racing Team Project, led by Gandolfo. The latter says: “We believe the recent statements by new Formula One boss Stefano Domenicali suggesting a possible suspension of the 200 million entry fee is a step in the right direction. We appreciate the open attitude of Stefano and the FIA and are ready to take the necessary steps to finalise our application. “