Formula 1 CEO Chase Carey has talked up the need for “fair” financial rules to stop new teams feeling like “second class citizens”.
This decade saw four teams joins the grid, Team Lotus, Hispania and Virgin Racing in 2010 followed by Haas in 2016, but only the last of those remain albeit considering their future after 2020.
That is largely due to the ballooning costs of F1 and the lack of initial support for new teams, who only become eligible for prize money after two years providing they finish in the top 10 of the Constructors’ Championship.
“If you come in, you should be part of the sport and not a second class citizen,” Carey stated. “To come in as a second class citizen, I think that’s a deterrent.
“Once they commit to coming in, [it is to] buy into a good business, not just a great sport. If I wasn’t committing as a first-class citizen, as a part of the club, then it’s a deterrent.”
That clause is expected to be removed under the new financial regulations being introduced in 2021 although a final agreement of revenue distribution is yet to be agreed.
A new budget cap of $175m has led to interest from two parties, Campos and Panthera, and the F1 CEO revealed what they wanted to see under the new regulations.
“Most of the people I’ve had preliminary conversations with want to see rules in place that provide the framework for a healthier business model,” said Carey.
“A fair level, or what they consider a fair level, of prize money distribution, and some disciplines and the cost that again make it more about how well you spend your money, not how much you spend.
“We want owning a team, like in other sports, to have franchise value,” the American added. “How do we make owning a team something that is a good business proposition and not just a pursuit of passion?”
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Interestingly, after the new teams made their interest known, F1 quickly declared there were no serious options to warrant opening a new entry tender, however.
And FIA president Jean Todt insists a quality grid is more important than a full one.
“I would prefer to have 12 teams,” he told Motorsport Week. “I think that’s the proper number to hold the Formula 1 championship.
“Saying that it can work with 10 teams – if you have 10 good competitive teams then it can work.
“I think our priority – I think we’ve said before – is that we want healthy teams, quality more than quantity,” he continued.
“I’d like to have an 11th team, but I’d like to have an 11th team that is competitive and healthy and brings something to the sport.
“To me, having an 11th team that sits at the back of the track is not adding anything for the fans that would improve the sport.”
