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A potential new Formula 1 entry under the name ‘Monaco F1 Racing Team’ is seeking to join the world championship.

Businessman Salvatore Gandolfo, founder of management firm Monaco Increase Management, is behind the entry. Gandolfo previously revealed plans in 2019 for a new, Spanish-based team using junior outfit Campos Racing’s facilities.

His planned team’s change of name is understood to have met with the approval of the Automobile Club de Monaco, which promotes the principality’s round of the Formula 1 world championship and other events.

Gandolfo previously intended to bring his new team into Formula 1 in 2021, taking advantage of the introduction of a new budget cap and sweeping changes to the technical regulations. However while the cap has come into force this year, and is set lower than was planned in 2019, the new technical regulations have been postponed by a year as a cost-saving measure due to the Covid-19 pandemic

Formula 1 has also announced new entrants will have to pay a $200 million ‘anti-dilution fee’, to be divided between rival teams. However CEO Stefano Domenicali indicated last week this could be waived under certain circumstances.

In a statement issued on Monday, Gandolfo welcomed Domenicali’s willingness to waive the fee and said he is prepared to proceed with an application to enter F1.

“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, realising the potential of the new technical regulations that was initially supposed to come into force in 2021 (and was subsequently delayed because of the pandemics).

“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 finalised.”

Daniele Audetto, Ferrari’s sporting boss during the Lauda years and former managing director of the Super Aguri team, is among those involved in the project. Ex-F1 driver Pascal Wehrlein, who now drives for Porsche in Formula E, and Ganassi IndyCar driver Alex Palou, are represented by MIM and were previously named as potential drivers.

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