F1 teams want more moneyUPDATE In Madrid, Miguel Sanz reported the '14 "revolution will have a price." Toro Rosso Team Principal Franz Tost said that his team's "car costs, compared to this year," will rise by €25M ($34.4M). Marca
11/03/13 A "few months ago," F1 McLaren Team Principal Martin Whitmarsh "again requested a cost reduction," according to Raymond Blancafort of Mundo Deportivo. Whitmarsh said, "Nine of the 11 teams are having financial difficulties." Whitmarsh "lamented the unstable atmosphere that has been created." The "truth is that Lotus, Sauber, Marussia and Williams are have serious financial problems."
It is "clear that the crisis will not be resolved by spending restraints alone." The teams feel "most exploited by how global commercial rights have increased in spectacular fashion." Since '07, TV rights have "increased 202%."
In '12, F1 Owner CVC Capital distributed €545M among the teams. It was "an astronomical figure, but less than the budgets of Red Bull and Ferrari." The "concern of F1 teams is evident" because CVC has distributed at least €639M ($879M) in the last two years and has "been able to earn" more than €1.4B ($1.9B) "if the sale of shares to other investors is taken into account."
It is said that the "new 'Concorde' commercial agreement that the teams are on the verge of signing would increase the percentage that the teams receive." The figures, however, "will continue to be insufficient for all the teams." Mundo Deportiva
Copyright 1999-2016 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without