Russian Formula 1 Team To Compete From 2022?
Ross Brawn, the F1 Managing Director of Motorsports said yesterday that a Russian team could again compete in Formula 1 championship. “We need a period of stability after this global pandemic and we also want to ensure the new rules settle down from 2022. We have a great grid with ten exciting teams and it is not essential to increase this number. However, the new economic climate within Formula 1, budget caps and a more fairly distributed prize fund, makes an investment in a Formula 1 Team far more attractive. If there was interest from a Russian team, or any other, that we thought was sustainable then we would be fully open to exploring the opportunity.” Brawn said.
Formula 1 has had two teams previously competing under a Russian license: Midland (2006) and Marussia (2012-2014). Russian auto racing driver Daniil Kvyat is currently driving in Formula One for Scuderia AlphaTauri.
Formula 1 In Sochi
Formula 1 announced that Russian Grand Prix will take place on September 25-27 this year. “Sochi is a fantastic place to visit and it is always great to go racing there. In Formula 1 everything is about improvement and one of the most impressive things about the promoter in Russia is the constant desire to adapt and to improve year on year in order to give our fans both at the circuit or back home the best racing. I think the recent global crisis has shown what makes our promoters special and that is very much the case in Russia. Our partners in Sochi are raring to go and have shown immense skill and flexibility to get ready for a race later this year.” said Brawn.
The prospects for a Russian team are promising, provided the financing can be put in place and a viable business model prepared. Russia is looking at producing more domestic brands at the higher end, such as the Aurus while vehicle manufacturers such as Kamaz are expanding their global reach. A reach out into competitive sport would suit Russia where controversies over athletics have dented the hopes of its athletes being seen on the world stage.
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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at email@example.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.