F1 News, Reports and Race Results

Ferrari admits to 'significantly more expensive' 2020 budget

Ferrari boss Louis Camilleri says the Italian manufacturer's F1 team will see its budget increased significantly for 2020 thanks in large part to the company's solid financial results.

Strong sales this year of Ferrari's Portofino and 812 Superfast road car models have set the luxury car maker on track for a strong business year, with the Scuderia directly profiting from the boost in revenue and profits.

Before the sport ushers in its $175 million budget cap in 2021, F1 top teams are expected to spend lavishly next year as they simultaneously oversee the development of their 2020 car and the design of their all-new 2021 car.

Midfield teams will need to manage their resources adequately as everyone prepares for F1's future regulation overhaul and cost-cutting measures. But Ferrari won't be weighed down by restrictions in its final year of effusive spending and investments which will include, among other things, a brand new simulator at Maranello.

"We are one company and the car business funds Mattia’s business," Camilleri said last week in Maranello.

"We’re also prepared to invest. And luckily the car business can support those investments, not only in terms of people, but also in terms of infrastructure."

Scuderia boss Mattia Binotto confirmed that increased monies will be flowing his way in 2020.

“Yes, it will be significantly more expensive," he said when asked about the Italian outfit's budget. "The budget we’ve got available is the one that’s needed.

"Certainly, the number of projects in parallel are significantly more compared to the past. We all started very early [on the 2021 car].

"So yes, there will be significant extra budget next year, not only about money but resources – extra people would be required to run the programmes.

"I think it’s got to be a situation to be managed right now."

Looking ahead, Camilleri underscored the necessity of instilling a bit of calmness at Ferrari after the end of season disruptive speculation about the team's engine gains.

"We need patience, we need stability and serenity," said the Ferrari chief executive.

"If you look back in the history of Formula 1, where teams have done very well, be it McLaren, Ferrari in the good old days, Red Bull or today Mercedes, there is one common thread, which was that there was a lot of stability within the team.

"They learned to work very closely together. That is something we are very focused on.

"Mattia has been spending a lot of time to ensure that we have a cohesive, united team."

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.

Recent Posts

Williams' headaches persist into Vegas practice

Williams is continuing to fight uphill battles this weekend in Las Vegas as a knock-on…

12 mins ago

Ferrari's Sainz 'not satisfied with where we are' in Vegas

It was a solid start to the Las Vegas weekend for Ferrari with Carlos Sainz…

1 hour ago

Norris labels McLaren long-run pace ‘shocking’ in chilly Vegas

Lando Norris didn’t hold back in his assessment of McLaren’s performance on the opening day…

3 hours ago

Hamilton delighted with ‘consistently strong day’ in Vegas

Lewis Hamilton was particularly happy with his opening day of running at the Las Vegas…

4 hours ago

Verstappen stuck with 'draggy' rear wing for Vegas

Red Bull fears that its prospects for this weekend's Las Vegas Grand Prix - which…

5 hours ago

Ferrari and Mercedes admit to plank changes based on FIA’s TD

Ferrari and Mercedes have both modified their car’s floor element in Las Vegas to comply…

5 hours ago