Monaco-based team is ready to join Formula 1 now

Feb.9 - A Monaco-based prospective Formula 1 team is "ready" to proceed with an application to enter the world championship.

In 2019, an entity headed by the late Adrian Campos and his business partner Salvatore Gandolfo declared that they were working on a new F1 team project.

The foundation of the project is their driver management company called Monaco Increase Management, with former F1 driver Pascal Wehrlein among the driver roster.

In June of last year, Gandolfo said the project was "still alive" but delayed because of the covid crisis. Another hurdle was the way Liberty Media currently distributes official income to teams.

But with new F1 CEO Stefano Domenicali now in charge, and despite Campos' recent death, Gandolfo is suddenly much more optimistic.

"We believe that the recent statements of the new F1 CEO Stefano Domenicali, suggesting that the $200m entry fee for new teams could be waived, represent a step forward in the right direction," Gandolfo said on Monday.

"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 finalised," he added in a statement.

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