Monaco F1 Racing Team “ready to take necessary steps” to enter Formula 1

The Monaco F1 Racing Team, a new team based out of the famed principality of Monaco, which hosts F1’s annual crown jewel event, could potentially be the 11th team on the starting grid soon.

Salvatore Gandolfo, founder and CEO of management firm Monaco Increase Management, is the man behind Monaco F1 Racing Team.

Gandolfo’s plans for entering the sport date back to 2019, when the team had first made known their intentions to set up an operation in Spain running out of Formula 2 squad Campos Racing’s facilities.

Former F1 driver Pascal Wehrlein could feature in Monaco F1 Racing Team's lineup. Image courtesy: Getty Images

Since then, Gandolfo hoped to enter the Monaco F1 Racing Team in F1 from 2021 to take advantage of the change in technical regulations and budget caps that were planned from this year. However, while the budget caps were enforced for 2021, the onset of the COVID-19 pandemic postponed the implementation of the new technical regulations to 2022.

You might also like: Formula 1 2021: Driver Lineups and Grid Changes

$200m waiver for Monaco F1 Racing Team?

One of the primary motivations spurring the Monaco F1 Racing Team's interest in entering the sport is the possible waiver of a $200 million “anti-dilution” fee by the sport’s governing body. While the fee is intended to be divided up amongst the existing teams, it has reportedly impacted the F1 plans of other hopeful new outfits, such as Panthera.

During a press call on Feb. 6, new F1 CEO Stefano Domenicali confirmed that the fee could be waived in certain situations.

“We are trying to put in place ideas that will be very attractive for new OEMs to be part of the business …To make it attractive for any (incoming) OEM to either produce an engine or be part of an engine-plus-chassis production, the cost will be the big equation on which we need to start the discussion.”

In response, Gandolfo stated on the official Monaco Increase Management website:

“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 finalized.”

Some of the notable names involved with Monaco F1 Racing Team include former Ferrari boss and Super Aguri managing director Daniele Audetto, while Pascal Wehrlein (Formula E) and Alex Palou (Indycar) have been tabbed as possible drivers.

More about Pascal Wehrlein: How have F1's big academies fared?