Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Upcoming Event : LeapToUnicorn - mentoring, networking and fundraising for startups. Register now

Ferrari clears air over F1 quitting scare, says it was all a misunderstanding

According to a report in Racefans, Ferrari issued a statement clarifying the claim made by team principle Mattia Binotto. The article in The Guardian suggested that Binotto hinted at quitting F1 if budget caps were imposed

April 23, 2020 / 06:31 PM IST

British media publication The Guardian had earlier reported that Ferrari could consider quitting F1 if the budget cap was lowered further. The Italian supercar manufacturer has now cleared the air over the headline, which has been changed since.

According to a report in Racefans, Ferrari issued a statement clarifying the claim made by team principle Mattia Binotto. The article in The Guardian suggested that Binotto hinted at quitting F1 if budget caps were imposed.

“The $145m level is already a new and demanding request compared to what was set out last June,” Binotto told the Guardian. “It cannot be attained without further significant sacrifices, especially in terms of our human resources. If it was to get even lower, we would not want to be put in a position of having to look at other further options for deploying our racing DNA.”

Ferrari said Binotto’s statement did not mean that the team was looking at quitting the races altogether.