Racing Point ‘won’t reach full budget’ in 2021

Date published: June 24 2020

Racing Point to test at Silverstone on June 17.

Formula 1 may have a budget cap of $145 million for next season but don’t expect Racing Point to reach it, says team boss Otmar Szafnauer.

Next season Formula 1 will introduce a budget cap of $145m.

That is down on the initial amount of $175m after the teams agreed to lower it in light of the current financial crisis.

The cap will drop in 2022 and again in 2023, falling to $130m.

That Racing Point may reach.

According to team boss Szafnauer, while Formula 1’s bigger teams are going to have to make drastic cuts to get under the cap, teams such as Racing Point won’t even make the $145m.

“We will not reach the full budget in the beginning,” Szafnauer told Auto Motor und Sport.

Racing Point joined the list of British based teams furloughing staff when the pandemic hit, taking up the UK government’s offer to help cover salaries.

The team, though, is desperating needing Formula 1 to go back racing.

“The new cars and spare parts were produced,” Szafnauer explained. “If we don’t drive, that’s dead capital.”

Formula 1 will return to the race track in July with the Red Bull Ring hosting the season-opening Austrian Grand Prix as well as a second race called the Steiermark GP.

After that the circus is off to Hungary for round three of what at the moment is an eight-race European schedule.

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