F1 Grand Prix of Monaco

Monaco F1 Racing Team hoping to become 11th team on the grid

Monaco F1 Racing Team are ready to take the “necessary steps” to secure a place on the grid according to businessman Salvatore Gandolfo, boss of the prospective team.

The statement comes after F1 CEO Stefano Domenicali admitted last week that the $200 million anti-dilution fee for new teams could be waived under certain circumstances.

Gandolfo revealed his interest in founding an F1 team back in 2019, outlining plans to run the team in association with Campos Racing.

Responding to Domenicali’s latest comments, the Monaco-based businessman said that the Italian’s words were a “step forward in the right direction”.

“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 regulations that was initially supposed to come into force in 2021 (and was subsequently delayed because of the pandemics),” he said in a statement.

“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.”

Benjamin Durand, the co-founder of fellow prospective constructor Panthera, told RaceFans that his outfit were also considering their options.

“We welcome Stefano’s comments but we need to understand under which circumstances the fee could be waived,” he said.

“We are currently investigating other options, including investments in existing teams. This could alter that.”

Haas was the last new team to enter F1 when they made their debut back in 2016.