Ferrari looking into other series to maintain workforce

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Ferrari Team Principal Mattia Binotto has revealed that the fabled Italian company is considering plans to restructure its racing portfolio in the future.

Formula 1 is set to introduce a cost cap as of 2021 which will heavily limit teams’ expenditure. While top teams like Ferrari, Mercedes and Red Bull have spent over $300 million per year, teams will need to prepare for a much lower limit in the future.

Ahead of the coronavirus outbreak, the cost cap was set at $175 million, but the recession caused by the health crisis urged the sport to reconsider the limit. Although there is no consensus about how much the cost cap needs to be further lowered, Formula 1 motorsport boss Ross Brawn hinted that the limit for 2021 could be set at $145 million with further lowering for the coming years.

Mattia Binotto has revealed that the Italian marque is planning significant changes to its racing portfolio. The Maranello-based company wants to stay loyal to its employees after the cost cap will force F1’s key players to reduce the number of team members.

“At Ferrari we were structuring ourselves based on the budget approved last year ($175 million), and the further reduction represents an important challenge that will inevitably lead to review staff, structure and organization,” Binotto told Sky Sports Italia.

“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 has hinted that Ferrari weighing up the possibility of joining America's premier open-wheel series, Indycar while a factory-supported presence in the world of endurance racing is also on the cards.

“For this reason, we have started to evaluate alternative programs and I confirm that we are looking at IndyCar, which is currently a very different category from ours."

“We also observe the world of endurance racing and other series. We will try to make the best choice," he concluded.

Although Ferrari never raced in Indycar, it flirted with the American series previously. Enzo Ferrari commissioned the Austrian engineer, Gustav Brunner in 1985 to design a Ferrari racing car for the American CART series. The car was tested and unveiled to the press in 1986, but it never raced.

Although Ferrari made no secret of his intention to win the famous Indianapolis 500, many also suggested that the design of the car was a tool to force the governing body, the FIA to reconsider its engine regulations. The car was tested by Michele Alboreto at Ferrari’s Fiorano test circuit, but, ultimately, it was never raced as a Ferrari, but was passed on to fellow FIAT subsidiary Alfa Romeo.