In Formula 1, the process of accepting applications from potential teams wishing to participate in the championship continues. One of the conditions a new entrant must meet is to pay a $200 million entry fee to offset any financial losses incurred by existing teams.
At the start of the year, the teams pushed for the need to increase the entry fee to $600 million. In a meeting with investors, the head of Formula 1 Stefano Domenicali said that the intention is indeed to increase the contribution.
Stefano Domenicali: “The FIA has launched an application procedure for a team to appear in Formula 1 again. In accordance with the terms of the Consent Agreement, they have the right to do so.
The $200 million entry fee was introduced just a few years ago. At that time, no one expected the value of the company to grow so strongly, but now the situation is different. We need to make sure we protect the company in the best way possible and fully understand what is going on.
We see a lot of people wanting to compete in Formula 1. Some teams are louder about themselves, others prefer to be quieter, but they are really interested. As is usually the case in life, someone has to do the evaluation. And we will be part of that process and we are going to do the right thing at the right time this year.”
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
