Monaco Increase Management Founder and CEO Salvatore Gandolfo is looking to bring a new team to the Formula 1 grid in the near future.
Currently working under the name Monaco F1 Racing Team Project, the team were keen to take the grid in 2021. However a high entry fee proved to be a stumbling block, with 2022 a possibility given Formula 1 will be introducing new technical regulations.
Gandolfo believes recent developments have opened the door for the team to join Formula 1 in the near future, highlighting Stefano Domenicali's comments about potentially waving the entry fee for new teams.
"We believe that the recent statements from new F1 CEO Stefano Domenicali, which suggest that the $200 million entry fee for new teams could be waived, represent a step forward in the right direction," Gandolfo said in a press release.
"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."