In the wake of fevered speculation about whether the race would or would not be able to go ahead against the backdrop of volatile and occasionally violent protests in Bahrain, a week-and-a-half ago the grand prix was officially canned – or postponed, subject to a suitable calendar slot being found later on in the season – following prolonged discussions between F1 commercial rights-holder Bernie Ecclestone and Bahrain’s Crown Prince.
Whilst the Formula One Management (FOM) chief executive has waived the estimated $40 million licensing fee Bahrain would have paid for the honor of hosting the opening round on the F1 2011 schedule [see separate story – click here], it seems others will not be so lucky.
It is understood that there are penalty clauses in the contracts the sport’s teams have with their sponsors in the event of missing a race – whatever the cause – and the industry’s trade guide Formula Money predicts a total loss of some $40 million from the cancellation, with Ferrari paying the heaviest price of all at around $11 million due to the Scuderia’s greater sponsorship income. Yahoo! Eurosport