Penske did not apply for 2008
Roger Penske did not file an entry to join Formula One in 2008, telling autosport.com: "If I can't be involved in it directly myself, it really doesn't give me the returns."
Speculation about Penske's interest in Formula One began rising when the March 31st deadline for 2008 F1 applications passed and FIA officials acknowledged that 22 teams had applied.
All 11 current F1 teams are among those applicants, along with Prodrive, Minardi and Direxiv. The other applicants are believed to include primarily GP2 teams hoping to move up the ladder.
Penske's name was also included as a likely applicant, after FIA president Max Mosley alluded last winter that the American was considering a return to Formula One.
However, during preparations for an IRL IndyCar Series race in St. Petersburg, Florida, Penske denied that his team was among the applicants, saying his IRL, NASCAR and sportscar teams were enough to keep Penske Racing busy.
"At this point, we have a full plate," Penske said. "We've made no commitments to anyone, and I don't think you'll see us with a team in Formula One under the current circumstances."
Penske met in December with Bernie Ecclestone, giving rise to speculation that Penske's team might return to F1, where it competed from 1974 to 1977 with several drivers, including the late Mark Donohue.
"It would be a great opportunity to be in that sport, but right now we just don't see it as an option," Penske said.
"We've got the Indy cars, the long-distance racing with Porsche, and our two NASCAR cars. Our plate is pretty full. If I can't be involved in it directly myself, it really doesn't give me the returns, both personally and from a business perspective."
Penske is famous for being hands-on with his race teams, calling Sam Hornish Jr.'s races in the IRL and handling NASCAR Nextel Cup races when he's not with the IRL team.
"I have a business to run, and I'm committed to the drivers and the teams in the U.S.," Penske said. "At this particular time, it would be pretty hard to split yourself around the world the way Formula One is scheduled."
In an effort to bring teams' annual budgets below $100 million USD from a current estimated high of $500 million, FIA has made cost-containment its primary goal when the Concorde Agreement expires after the 2007 season.
Among the plans expected to take effect in 2008 are regulation freezing, engine homologation and standard electronics units.
Penske said those moves are positives steps, but didn't influence his decision to stay where he is.
"Cost-containment is a smart move," Penske said. "Sponsors and manufacturers only have so much budget to put into motorsports.
"If it gets too expensive and one big company decides to get out of it, it's amazing how the others follow. That's the one thing you don't want to have. We've seen it in U.S. racing."