Principal: team could opt to ‘deploy our racing DNA’ elsewhereFerrari support two-tier model of calculating budget capMattia 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.