SWITZERLAND: MOTOR RACING: Formula One teams aim to slash their budgets by up to 50 percent to ensure the sport's survival

Record ID: 556015

  • Title: SWITZERLAND: MOTOR RACING: Formula One teams aim to slash their budgets by up to 50 percent to ensure the sport's survival
  • Date: 6th March 2009
  • Summary: GENEVA, SWITZERLAND (MARCH 5, 2009) (REUTERS) EXTERIOR OF THE BUILDING WHERE FOTA HELD THEIR CONFERENCE IN GENEVA CONFERENCE ROOM FOTA CHAIRMAN AND FERRARI PRESIDENT LUCA DI MONTEZEMOLO ARRIVING AT THE NEWS CONFERENCE FOTA MEMBERS AT THE CONFERENCE (SOUNDBITE) (English) FOTA PRESIDENT LUCA DI MONTEZEMOLO SAYING: "Our goal is that we can have a budget saving from 2008 until 2010 up to 50 percent, 50 percent of overall reductions in only two years, and as I said we will work on also for 2011 and 2012." TEAM PRINCIPAL OF THE MCLAREN FORMULA ONE TEAM RON DENNIS DURING THE CONFERENCE MEMBERS OF FOTA DURING THE CONFERENCE (SOUNDBITE) (English) FOTA PRESIDENT LUCA DI MONTEZEMOLO SAYING: "Today we have not here Ross, but we are sure that the former Honda team can have a future and can have all the rights that they need with a positive way and with a positive attitude." FOTA MEMBERS DURING THE CONFERENCE
  • Embargoed: 21st March 2009 12:00
  • Keywords:
  • Location: Switzerland
  • Country: Switzerland
  • Topics: Sports
  • Reuters ID: LVA7OCO5W33ZV71EN2UF98J0100C
  • Story Text: Formula One teams present their plans to remodel the sport in an economic downturn.
    Chairman of the Formula One Teams' Association and Ferrari president Luca di Montezemolo told reporters on Thursday (March 5) that team bosses wanted to cut their budgets by up to 50 percent from 2008 to 2010.

    "Our goal is that we can have a budget saving from 2008 until 2010 up to 50 percent," he said, flanked by other team bosses in Geneva.

    "Fifty percent of overall reductions in only two years, and as I said we will work on also for 2011 and 2012."
    The ten Formula One teams had already been told by Max Mosely, President of motorsport's international governing body FIA, that they must cut their spending as the sport was becoming unfeasibly expensive, even for the motor manufacturers like BMW, Mercedes and Toyota who increasingly dominate the sport.
    The world-wide economic downturn has given added urgency to Mosely's warning, with Honda pulling out of the sport at the end of the 2008 season.
    The news conference in Geneva was the opportunity for the newly formed organisation of teams to present their vision of how Formula One should change to make it cheaper, more competitive and appealing to spectators.
    Later di Montezemolo told reporters that all Formula One's car manufacturers and current teams were prepared to commit to the sport until the end of 2012.
    He also said that the teams were "sure that the former Honda team can have a future and can have all the rights that they need with a positive way."
    The former Honda Formula One team sent a clear message that they will be racing this season when chief executive Nick Fry said on Thursday that an announcement was expected "very shortly".
    It is expected that Ross Brawn, former technical director at Ferrari and Honda F1's team principal in 2008, is about to announce a management buy-out of the Honda F1 team, aided by Honda, and the FOTA backing would ensure there will be 20 cars on the grid for the first F1 race of 2009 - the Australian Grand Prix on March 29.
  • Copyright Holder: REUTERS
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