Binotto defends position Ferrari and Red Bull: "Should retain DNA of F1"

Within Formula 1 there is division over the budget ceiling. Initially an agreement was reached on 175 million dollars per year, but because of the coronavirus a discussion has flared up about whether or not to lower this maximum amount even further. Ferrari is one of the opponents and warns that the 'DNA of Formula 1' must be preserved.

The smaller Formula 1 stables in particular are working hard for a lower budget ceiling. However, especially Ferrari and Red Bull Racing seem to be putting a stop to this. Liberty Media would like to go back to $100 million a year, but the two top teams really don't seem to go below $150 million a year. Last Monday a videoconference with all team bosses was held about this, but there is no definite answer yet.

Binotto calls for calm

"We need to keep the DNA of Formula 1," says Mattia Binotto in conversation with Sky Sports. The team boss of Ferrari doesn't want hasty decisions to be made now that the panic of the coronavirus is still a bit. "This is about the competition between the teams. We have to prioritize and make rational decisions. With emotions that play, the best decisions are not always made."

Especially the smaller formations are facing financial problems because of the coronavirus and therefore it is important for them to reduce budgets in the coming years. Moreover, they hope to narrow the gap to the top teams if everyone can spend the same amount. Binotto doesn't think the accusations that Ferrari and Red Bull are leaving the smaller formations to their fate are justified.

Ferrari doesn't want to drop teams

"We know what problems they're dealing with," the Italian chef continues his story. "And of course we have to address the problem of costs to make sure they all survive. But when it comes to the budget ceiling, we also have to remember that the teams have different structures". By this Binotto means that a Ferrari produces everything itself, while Haas F1 buys everything and therefore has more money.