Ferrari considering entering IndyCar due to F1's new budget cap for 2021

May 25, 2020 694

Binotto said Formula One's new budget cap of $145m for teams from 2021 would lead to staff being made redundant and the Italian carmaker was looking at options to ensure its employees retain their jobs, albeit in a different field. 

The budget cap had been set initially at $175m but some teams had wanted a limit closer to $100m to ensure the sport gets through the coronavirus pandemic. "Ferrari feels a lot of social responsibility towards its employees and we want to be sure that for each of them there will be a workspace in the future," Binotto told Sky in Italy.

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