STATEMENT FROM MONACO INCREASE MANAGEMENT

Monaco, February 8, 2021 – 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). 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.

Salvatore Gandolfo
MIM Founder and CEO