F1 poised for new team entry from Monaco

Formula 1 could be poised for its first new entry for several years if the 'Monaco F1 Racing Team' can finalise its plans to take part in the sport.

Team owner Salvatore Gandolfo has been buoyed by recent remarks from F1 CEO Stefano Domenicali that the $200million entry fee could be waived.

The fee was introduced last year to help protect the franchise value of the 10 teams currently competing, whilst also attempting to prevent the false starts as seen in the past such as USF1.

Mercedes motorsport boss Toto Wolff suggested at the time the introduction of such a fee would help F1 remain "special".

Gandolfo's team is known to have been eyeing an entry for a couple of years, but has waited for the introduction of the budget cap and the new regulations due to come into force next year, only to then be dismayed by the entry fee.

But in the wake of Domenicali's comments in his first written media interview last week since taking up his new position at the start of the year, Gandolfo is ready to push ahead with his plans.

The Italian-born, Swiss-raised businessman, who runs driver management company Monaco Increase Management, said in a statement: "The current Monaco F1 Racing Team project was the first to actively discuss the possibility of an entry with the F1 Governance, as early as 2019, and to set up a structure accordingly, realising the potential of the new technical regulation that was initially supposed to come into force in 2021 [and was subsequently delayed because of the pandemics].

"We believe that the recent statements of the new F1 CEO Stefano Domenicali, which suggest that the $200m entry fee for new teams could be waived, represent a step forward in the right direction.

"We appreciate the open attitude of both Stefano and the FIA and are ready to take the necessary steps in order to have our application finalised."

With regard to the entry fee, Domenicali said: "At the end of the day, if you look at that amount of money, it is really the value of a team being able to compete. That was the thinking behind that.

"So I would say, if something has to change, we have the time to do it. These are cases that need to be deliberated and discussed."

F1 has not had a new team enter the sport since Haas in 2016.

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