An eleventh team on the F1 grid seems to be getting closer

Formula 1 may have eleven teams in the future. Monaco Increase Management CEO Salvatore Gandolfo is still interested in F1. By appointing Stefano Domenicali as CEO of F1, Gandolfo sees new opportunities.

The Monaco F1 Racing Team Project already had plans to appear on the grid as a new team in 2021. However, due to the pandemic and the shift of new regulations to 2022, this celebration was cancelled for the team.

"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," Gandolfo told monacoincrease.com.

"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 finalized," Gandolfo concluded. Among others, former F1 driver Pascal Wehrlein is already said to be linked for a possible seat at the new team.