F1 News

Carey: New F1 teams “should be part of the sport, not a second-class citizen”

Carey: New F1 teams “should be part of the sport, not a second-class citizen”

14-12-2019 12:50
1

Bevan Youl

Formula 1 boss Chase Carey has said that new teams wanting to join the Formula 1 grid “should be part of the sport, and not a second-class citizen” with the change of financial regulations in 2021.

Currently the prize money distribution for F1 teams include equal pay to all who finish in the top 10 in the constructors championship for two of the past three seasons.
 
Haas was the most recent entry to the sport back in 2016 and finished eighth on 29 points but had to wait until the 2018 season to receive the Column-1 payment.
 
But, along with the budget cap of $175m being introduced in 2021, the payment system is set for a change which will see the equal payment to top 10 teams remain, while new teams will no longer have to wait three years.

"If you come in, you should be part of the part of the sport, and not a second-class citizen," Carey said as quoted by Autosport.

"To come in as a second-class citizen, I think that's a deterrent.

"Once they commit to come in, [it is to] buy into a good business not just a great sport.

"If I'm coming in, if I wasn't committing as a first-class citizen, as a part of the club, then it's a deterrent."

Carey wants to make owning an F1 team have “franchise value” to make it a business rather than just a passion.

"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," he added.

"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.

"How do we make owning a team something that is a good business proposition and not just a pursuit of passion?"