Eddie Jordan has slammed new anti-dilution fund implemented on new F1 teams. The owner of Jordon racing team believes that new teams would be very few and far if the hefty fee rule continues to be implemented by Formula 1.
Under the new Concorde Agreement that will come into effect from 2021 season, new teams must pay a fee of $200 million (£145m) to enter the championship. The total fee paid by new team will be divided between their existing competitors.
Jordan told RaceFans that new anti-dilution fund would have prevented him from being able to enter F1 with his eponymous team 30 years ago. The 72-year-old, who sold his team to Midland Group in 2005, believes that the rule is fundamentally wrong.
Jordan gave the likes of Michael Schumacher, Rubens Barrichello, and Eddie Irvine their Grand Prix debuts during the course of his team’s 15 years in F1. He believes the anti-dilution fee makes a cartel out of the teams that are there and will discourage new entrants from joining the championship.
“I can see that it creates a value on the existing teams, as people will buy a team rather than enter a new one. But I’m not in favour of it, because it makes the sport a bit like a franchise and it would have curtailed teams like Jordan entering Formula 1.”
“Jordan came through Formula 4, Formula 3 and 3000 and won all the races in those categories to be able to get the superlicence to move forward. This stops all of that, so I’m wholly against it.”
He also warned that Formula 1’s record-breaking 23-round championship for 2021 will put excessive strain on the team’s personnel. The new races introduced in 2021 will jeopardise the welfare of the staff. Moreover, the rotation of staff is not something Jordan advocates over entire season.