Due to budget cap: Ferrari team boss Binotto threatens to withdraw from Formula 1

Berlin (SID) Ferrari team boss Mattia Binotto is threatening the Scuderia's withdrawal in the debate about reducing the budget cap in Formula 1. The current plan to set a cap of $145 million (134 million euros) next year and reduce it to $2022 million (130 million euros) by 120 is a new and challenging request. "This cannot be achieved without further and noticeable sacrifices. That would also affect our staff. If the upper limit is lowered even further, we don't want to get to a point where we have to consider other options to develop our racing DNA " Binotto told the Guardian. The small teams in particular want to significantly reduce the previously set 175 million dollars (161 million euros) per season in order to overcome the challenges of the corona crisis. Ferrari is aware that Formula 1 and the entire world are in difficult times because of the pandemic. “Nevertheless, it is not time to make hasty decisions,” said Binotto. Formula 1 is the pinnacle of motorsport and must remain attractive for manufacturers and sponsors: "If we limit spending excessively, we run the risk of noticeably reducing the level." Binotto pushed back against a "linear" cost cap and favors a two-tier model that allows higher spending for teams like Ferrari that supply customer teams. The Scuderia had repeatedly threatened to withdraw from the premier class at irregular intervals in recent years.

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Due to budget cap: Ferrari team boss Binotto threatens to withdraw from Formula 1

Ferrari team boss Mattia Binotto is threatening the Scuderia's withdrawal in the debate about reducing the budget cap in Formula 1.

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