F1 bosses admit financial concerns

Saturday 27th September 2008

Leading figures in F1 have expressed concerns as to how the sport will be affected by the worsening global financial crisis.

Teams rely on sponsors to help fund organisation, research and development as well as the transportation costs of travelling across the globe for races throughout the year.

And Toro Rosso co-owner Gerhard Berger believes things will be difficult financially over the next two years.

"I think it is going to affect all of us," he said.

"I think it is going to be difficult times, no question, and if you look at new sponsors coming into Formula One, it is very seldom, especially the big ones.

"As I see it, it is not going to be easy the next two years."

Red Bull Racing team principal Christian Horner agreed with Berger and believes teams and the FIA will have to work hard to ensure costs do not spiral out of control.

"The global economy at the moment isn't in great shape and it affects all areas of the pit lane," he said.

"It is down to the teams to work collectively with the governing body to make sure that we are responsible in what we do to control our costs."

Horner was speaking in Singapore ahead of this weekend's first night race in Formula One history.

And the 34-year-old believes such events can only help boost the sport during the difficult financial times.

Horner added: "Venues and races such as this one are so powerful and strong for Formula One and demonstrate Formula One in such a strong and fantastic light.

"I think there are other very positive aspects as well and I think this race, certainly this weekend, will be a big boost for the series in general."

Your Comments

FANOFF1

"I'm the first to admit that the prospect of a night race with all of teh potential limiting factors was not one I looked forward to. However, tere is no denying that the SGP was a spectical of the highest order, although perhaps some fluro paint and UV lights ala Le Mans coudl be added next year. I'm sure Red Bull could come up with a suitable secondary colour scheme.

Let's just hope that the tropical rains never hit on race night though as I can't see the spray leaving the track at all once the tyres have removeed it from the road.

PetefromBristol

"I don't think that Spa debacle will have helped attract that many new sponsors will it?

As for taking away the party buildings, the sponsors are in F1 for the corporate hospitality opportunities. It's one of the most highly accepted invitations in sport.

But having said that, I'm sure F1 has become bloated in the good times, so a recession might be quite a useful reality check..."

rukdng

"F1 is marketing. The reason large organizations invest money in teams is because of the multi, multi million viewers who watch these events every 2nd Sunday for 8 mos. of the year. The reason big companies sponsor the big teams is the amount of time their branding gets coverage. But it is a well known fact that in any business turn down, marketing budgets will be the very first thing cut. So these guys have good reason to be concerned. While club racing is for purists which a bunch of you guys seem to be F1 is entertainment, very expensive entertainment."

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