F1 Money Wars On The Brink
F1 teams in alliance as FOTA are on the brink of exploding over the money wars in F1, after being told they must radically cut costs once again.
The alliance of FOTA are greatly angered by huge debts CVC the owners of F1 have amounted, approximately $5billion according to The Guardian newspaper, with interest payments into the hundereds of millions every year.
The teams are annoyed because they raise plenty of money to pay off this debt, yet are told time and time again to reduce costs, and this time they are making a stand.
“We have had banks, oil companies, financial institutions and pharmaceutical companies with us as sponsors. We have raised this money. Why do we have to keep cutting costs?” a FOTA insider is quoted as saying.
“The sport earns a lot of money so let’s look at our share,” he added.
The insider also told us that the teams are annoyed about the increased numbers of races in Asia, and they want to return to Europe. They believe this is a way that costs could be cut.
“(The calendar) used to be 12 races, then a maximum of 17. There used to be 80 percent of the races in Europe and now 80 percent are across Asia: the costs to the teams are much higher now,”
The teams don’t want to be greedy, they just want to talk and renegotiate with Bernie Ecclestone.