F1 News, Reports and Race Results

Szafnauer says Racing Point 'still on a tight budget'

Racing Point's financial situation might be much healthier than it was in 2018 when it suffered a near-death experience in its former guise as Force India, but that certainly doesn't mean the team has money to burn.

The team was saved from administration after being bought up by a consortium led by Canadian billionaire Lawrence Stroll, which has resulted in millions of pounds of fresh investment to revive the squad's fortunes - including the switch to a controversial 'Pink Mercedes' design philosophy.

But team principal Otmar Szafnauer is quick to point out that despite the extra money, Racing Point remains the smallest and leanest team on the F1 grid with a significantly smaller budget and workforce than any of their rivals.

“When Lawrence came in, he gave us a bigger budget, so significantly more money," he told Motorsport.com in an exclusive interview this week.

“But it must be said that even though we have a significantly bigger budget - say 30 per cent more, 40 per cent more than what we had - I still believe we've got the lowest budget and the least amount of people in the pitlane.

"Maybe Haas has less people because a lot of their design and manufacturing work is done by Dallara, [but] we're still the smallest Formula 1 team."

However Szafnauer was determined that the availability of more money didn't translate into a forgetting the lessons of efficiency that had saved them during the darker times.

"Although we've got bigger resource now and we can do more, the one thing that we got to make sure of - and so far, so good - is that we don't lose that efficiency that we had in the past.

©RacingPoint

“We still scrutinise every pound spent," he added. "We're just spending more pounds!"

Since the start of the season was delayed by the coronavirus pandemic, Racing Point has mothballed much of its operations during the shutdown, with the planned expansion of manufacturing capability among the projects currently put on pause.

"They're just put on hold now," he said. “Because nobody's at work."

But Szafnauer says that things will quickly ramp up again once the shutdown is over and the teams are allowed back into the office ahead of the cut-down 2020 championship.

"We're still expanding, it'll just be two months later," he shrugged. "That might add a little bit of delay to the projects that were going.

"But they haven't been cancelled - just postponed," he added. "We'll have all hands to the pump to make sure that we race to the best of our ability in that compressed season."

Gallery: The beautiful wives and girlfriends of F1 drivers

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

Andrew Lewin

Andrew first became a fan of Formula 1 during the time when Michael Schumacher and Damon Hill were stepping into the limelight after the era of Alain Prost, Nigel Mansell and Aryton Senna. He's been addicted ever since, and has been writing about the sport now for nearly a quarter of a century for a number of online news sites. He's also written professionally about GP2 (now Formula 2), GP3, IndyCar, World Rally Championship, MotoGP and NASCAR. In his other professional life, Andrew is a freelance writer, social media consultant, web developer/programmer, and digital specialist in the fields of accessibility, usability, IA, online communities and public sector procurement. He worked for many years in magazine production at Bauer Media, and for over a decade he was part of the digital media team at the UK government's communications department. Born and raised in Essex, Andrew currently lives and works in south-west London.

Recent Posts

Las Vegas GP: Hamilton leads Mercedes 1-2 in trouble-free FP1

Lewis Hamilton and George Russell led the field in a chilly but trouble-free first practice…

30 mins ago

2024 Las Vegas Grand Prix Free Practice 1 - Results

Full results from Free Practice 1 for the Las Vegas Grand Prix in the United…

34 mins ago

Aston Martin says performance shortfall led to Fallows exit

Aston Martin performance director Tom McCullough has shed some light on why the team’s former…

10 hours ago

FIA clamps down on plank loophole after Red Bull complaint

The FIA has issued a pivotal Technical Directive to F1 teams ahead of this weekend’s…

11 hours ago

F1 drivers blindsided by race director Wittich’s sudden exit

The abrupt removal last week of FIA race director Niels Wittich with just three races…

12 hours ago

McLaren relaxes ‘papaya rules’: Norris and Piastri free to race

Oscar Piastri has confirmed that McLaren’s team orders—dubbed the "Papaya Rules"—have been largely relaxed, giving…

14 hours ago