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Two new F1 deals in works - Ecclestone
(GMM)  Formula one is not immune from the global financial crisis, but the sport remains in good health, Bernie Ecclestone said on Thursday.

Asked about the decimated car sales industry and Honda's departure from the sport, the F1 chief executive admitted that the situation is "obviously" having an impact on the entire world.

"At the moment we have to be patient and see how things develop," Ecclestone, attending Ferrari's 'Wrooom' media event, is quoted as saying by La Gazzetta dello Sport in Italy.

Recently, however, F1 unveiled the electronics brand LG as an official sponsor, and Ecclestone said "two other contracts are about to arrive".

"I do not see great suffering for everyone," the 78-year-old billionaire added.

His surprise appearance at Ferrari's event at the Madonna di Campiglio ski resort was seen as a move of appeasement following spats over income with Luca di Montezemolo.

But because the teams and the FIA have introduced radical cost cuts, Ecclestone said mischievously that the FOTA alliance's demand for more commercial income might now be seen as unreasonable.

"Maybe we'll be able to pay them less money.  They don't need so much now," he jibed.

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