Ferrari exploring possibility of entering the North American IndyCar series

Ferrari driver Sebastian Vettel of Germany steers through a corner during the Formula One pre-season testing session at the Barcelona Catalunya racetrack in Montmelo, outside Barcelona, Spain, Thursday, Feb. 27, 2020. [AP Photo/Joan Monfort]

Ferrari is exploring the possibility of entering the North American IndyCar series, its Formula One team principal Mattia Binotto said on Thursday.

Binotto said Formula One's new budget cap of $145 million 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.