The Italian automaker announced on Wednesday that it has signed a new multi-year partnership to keep its brand in Formula 1, with the deal running until at least 2024.
However, in their announcement it became clear that the transaction is subject to an “annual valuation”. This led to speculation that these could offer the company a quick exit from Formula 1 if it wanted to.
Ahead of the UK Grand Prix, Alfa Romeo CEO Jean-Philippe Imparato stated that the plan is more about refining what it wants from its F1 commitment to deliver over the long term, rather than questioning its commitment .
This was particularly important in the context of road vehicle manufacturers facing increasing government regulations on emissions and the move to electric cars.
On Wednesday, for example, the EU proposed an effective ban on the sale of new gasoline and diesel cars from 2035 by proposing a 100 percent reduction in CO2 emissions.
Imparato spoke of the contrast between a multi-year contract in F1 but one that includes annual reviews: “If I hadn’t said multi-year I would not have been consistent on the message of stability.
“What I need as an Alfa Romeo, I need stability, because my job is a long-term one. You don’t build the product plan in three years, you need a product plan for 10 years. So I need stability.
“But in our chaotic world, remember that yesterday we heard about the proposal to ban the ICE in 2035, and that” [in theory] we can ban an ICE tomorrow morning without commenting on COVID-19 [impact]. I wouldn’t be responsible if we didn’t share as a team every year on how to coordinate the deal.
“[It’s] in order to perform better, how can we invent some new things like special editions of cars to feed the business and be reactive.
“So it is absolutely not a contradiction in terms that I want to work on the stable and long-term vision, but at the same time keep pace with the new challenges.”
Kimi Raikkonen, Alfa Romeo Racing C41
Photo by: Erik Junius
Alfa F1 team boss Fred Vasseur, who will keep the outfit as part of the new regulations, was satisfied with the plan.
“That’s exactly what we’ve done in the past,” he said. “For the past 24 months, with the pandemic and the whole story of road car regulations, we’ve always had to refine the agreements we have.
“It’s not a big deal that we sit down together. We have a good relationship and can sit down together to steer the partnership a little, to adapt it to the world.
“The world is evolving every month and we need to be proactive and reactive so that we don’t stay in the same type of deal and arrangement for the next 10 years. That wouldn’t make any sense. You have to be able to develop yourself. “
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