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Abu Dhabi GP in trouble? (PVM) Abu Dhabi Motorsports Management (ADMM) confirmed that about 60 employees at various levels have been retrenched as part of the company’s “evolving business model” – which translates to a cost cutting exercise at the company that manage the iconic Yas Marina Circuit venue of the Abu Dhabi GP.
Sport 360 newspaper reports that ADMM Communications Director Peter Ray said in a statement: “ADMM is evolving its business model after two full winter seasons. We are shaping our commercial focus, and naturally, with the changed strategy, some roles are no longer required.”
Ray would not confirm the exact numbers of people retrenched, however he did state “it would be fair to say about 60.”
Sport 360 sources claimed a significant proportion were from the media and communications, motorsport and facilities management departments, while indicating that ADMM CEO Richard Cregan, former Toyota F1 GM, conveyed the news to the various heads of departments on Tuesday, saying the ADMM was undertaking a cost-cutting exercise with a view to the future.
The ADMM is a joint venture between the Government of Abu Dhabi and Aldar Properties PJSC, the leading developer in Abu Dhabi, and is responsible for the creative oversight, communication and management of the Yas Marina Circuit.
The Abu Dhabi Grand Prix which takes place this year from 11 to 13 November is unaffected.
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