Coronavirus: Ferrari Performs Quick U-Turn Over F1 Budget Cap

Coronavirus: Ferrari Performs Quick U-Turn Over F1 Budget Cap

"If the current emergency really put the existence of some of our competitors in this sport in doubt and made it necessary to revise certain cornerstones, then Ferrari would be open to it".

"The 995 million is already a new and demanding desire compared with what was announced in June a year ago".

In an interview with The Guardian, published on Wednesday evening, Binotto was quoted as saying: "It [a lower budget cap] can not be attained without further significant sacrifices, especially in terms of our human resources. On the contrary, [Binotto] he said that we would not put ourselves in a position of having to look at other options", he stated the Italian.

Ferrari has threatened to quit F1 a number of times before when it did not get its way, so it seemed like the team was doing so again.

However, in a statement, the Scuderia insisted they remain committed to the sport. "But if you're a team, for example, Ferrari saying, "Yeah from a cost point of view, we get it, we agree, but our vehicle might not be that competitive, we want a clean sheet of paper".

"The misunderstanding was raised by the misleading headline of the article which was published at first and was immediately corrected". The Woking-based team favours a budget cap as low as $100 million, and fears anything more puts the existence of teams at risk. "They operate in different countries, under different legislation and with their ways of working". Therefore it is not simple and straightforward to make structural changes simply by cutting costs in a linear fashion.

"If we think forward and get with the times, we cannot only survive what's going on right now but I also think the sport can thrive and we all win".

"One should not forget that companies play a role in the social fabric of a nation".

However, last week there was a push to introduce a glide slope for much more dramatic reductions - something that some big teams are not in favour of because it will force them to make widespread job cuts.

Ferrari has also always considered themselves the beacon of maintaining F1's DNA and claims that would be at risk if levels are reduced too far.

- F1 commercial rights holders Liberty Media have strengthened the sport's liquidity and given some teams advanced payments amid the coronavirus crisis and delays to the 2020 season.

'However, F1 can survive with 18 cars on the grid, and there are other engine manufacturers who can cover the teams now powered by them.

But he stood alongside Ferrari in his opposition to a lowered budget cap, adding: "If we restrict costs excessively, then we run the risk of reducing the level considerably, bringing it ever closer to the lower formulae".

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