Scuderia Ferrari team principal Mattia Binotto has pointed out that the problem of a salary cap idea in Formula 1 is “tricky” and at that moment there is no clear solution on the matter, despite the ongoing discussions.
The budget cap concept was introduced in the 2021 Formula 1 season, but it did not include any mention for the drivers’ salaries. However, there during the last few weeks there has been a growing debate on whether there should be a ceiling as to how much the drivers get paid.
As expected, there have been different views on this matter. Not long ago, current World Champion Max Verstappen described the idea as “‘completely wrong” while McLaren’s Lando Norris agreed with the Dutchman and explained that such a cap would have a negative impact on Formula 1’s junior drivers.
Ferrari team principal Mattia Binotto also felt there are a lot of factors that have to be taken into consideration regarding the cap and warned that is was a “tricky” problem which currently had no clear solution for:
“It’s one of the points that needs to be discussed and looked at” – Mattia Binotto explained when asked on this matter last weekend during the press conference for the Canadian Grand Prix in Montreal – “Because we need to promote young generations and in order to promote young generations somehow the way it’s working today is having people that somehow are investing on drivers for a return later on. So yes, it may have a knock-on effect. How to mitigate that in case we go for a salary cap I have not the solution to this, that’s why I think it’s a tricky one, so while I understand the point, while we understand the importance of it, I don’t think that anyone today has got a solution. If there will be a solution, again, I don’t know. We will take our time.” – he added.
Mattia Binotto is not the only team principal raising doubts about financial restrictions being introduced in Formula 1 after Red Bull’s Christian Horner asked for an increase of the 2022 cap on several occasions. He is quoted as calling it a “catastrophe for Formula 1” in case a team had to take any form of penalty for something which is beyond their control.
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“The problem with the uncertainty with the cap, with the rate of inflation we are seeing, there is only parts and people that are really the biggest cost drivers,” said Christian Horner – “It would be a catastrophe for Formula 1 that people would have to take a hit for something that is beyond their control. There is a moral issue that needs to be dealt with and I know the FIA are looking at it together with the Liberty guys.” – the Red Bull boss concluded.
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