Ferrari agree to budget cap: "Evaluate participation in IndyCar or WEC"

Because of the budget cap that will apply in Formula 1 from 2021 onwards, the top teams will have to cut back on their staff. However, Ferrari is determined not to drop its employees and is therefore looking into the possibilities of participating with a team in the IndyCar or the WEC.

In conversation with Sky Italia, Binotto talks about it Thursday night. Not all employees who are currently employed can continue to focus on the Formula 1 project. As of next season, the amount that a team is allowed to spend per season is only 145 million dollars. In the following years this will even be reduced to 135 million dollars.

IndyCar or WEC soon possible with Ferrari

"Ferrari feels very responsible for its employees," says Binotto. "We want to make sure that there is room for each of them in the future. For this reason we have started to evaluate alternative programs and I confirm that we are looking at the IndyCar, despite the fact that at the moment that category is very different from Formula 1".

However, the U.S. racing class will have new rules in 2022, which will allow Ferrari to enter. Also, participation in the WEC Championship will not be ruled out by the team boss. "We are also looking at the world of Endurance and other series. We will try to make the best choice", said the Italian.

Budget cap creates challenges Ferrari

Binotto confirms in the interview that Ferrari has now agreed to the reduction of the budget ceiling and that it no longer bothers. "There has been a lot of discussion in recent weeks but we have come to a conclusion. The amount of 175 million dollars (which was agreed between all parties in 2019) will be reduced to 145", reports the 50-year-old chief, who emphasizes that this is very difficult for Ferrari. "At Ferrari we were structuring ourselves on the basis of the budget approved last year. The further reduction represents a major challenge that will inevitably lead to a review of the staff, structure and organization".