Ferrari considering entering IndyCar due to F1's new budget cap for 2021

Ferrari is exploring the possibility of entering IndyCar, according to its Formula One team principal Mattia Binotto.

Binotto said Formula One's new budget cap of $145m for teams from 2021 would lead to staff being made redundant and the Italian carmaker was looking at options to ensure its employees retain their jobs, albeit in a different field.

The budget cap had been set initially at $175m but some teams had wanted a limit closer to $100m to ensure the sport gets through the coronavirus pandemic.

"Ferrari feels a lot of social responsibility towards its employees and we want to be sure that for each of them there will be a workspace in the future," Binotto told Sky in Italy.

"For this reason we have started to evaluate alternative programs and I confirm that we are looking at IndyCar, which is currently a very different category from ours.

"At Ferrari we were structuring ourselves based on the budget approved last year ($175m), and the further reduction represents an important challenge that will inevitably lead us to review staff, structure and the organisation."

American Mario Andretti, one of four men to win both the Formula One and IndyCar championships, said this week that he would love to see Ferrari as both an engine supplier and a chassis builder in IndyCar.

Binotto said Ferrari was also looking at endurance racing as another option.

"We also observe the world of endurance racing and other series," he added. "We will try to make the best choice."