The proposed ‘Monaco F1 Team’ has welcomed the news about entry fees waiver and positive statements from Stefano Domenicali.

The news first broke in 2019 that a Monaco-based company ‘Monaco Increase Management, which looks after drivers like Pascal Wehrlein and Alex Palou, were eying to enter F1 in 2021 with a partnership with Adrian Campos’ led Campos Racing outfit.

The then release stated about a meeting with Chase Carey during the Spanish GP on May 11 in 2019, which carried on in F1’s HQ in London with Ross Brawn on May 15 and July 31. It mentioned multiple names linked with the project under MIM’s Salvatore Gandolfo.

The names mentioned were Ben Wood (owner of Dynamique) and ex-Super Aguri chief designer Peter McCool (owner of Shape), who were to work as the new F1 team’s Chief Aerodynamicist and Technical Director, respectively.

With the regulations of 2021 getting delayed to 2022, the move got derailed, but MIM has released a fresh statement of positivity, especially amid news about entry fees waiver. The earlier release did not mention any name but the current one says it as ‘Monaco F1 Racing Team Project’.

“The current Monaco F1 Racing Team Project was the first to actively discuss the possibility of an entry with the F1 Governance, as early as 2019, and to set up a structure accordingly, realizing the potential of the new Technical Regulation that was initially supposed to come into force in 2021 (and was subsequently delayed because of the pandemics),” stated the statement.

“We believe that the recent statements of the new F1 CEO Stefano Domenicali, which suggest that the 200M entry fee for new teams could be waived, represent a step forward in the right direction. 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 finalized.”

Here’s the initial news during F1 2019 season

Here’s Stefano Domenicali on news OEM and Ferrari