Latest F1 news in brief – Monday

• When Danish capital's lord mayor Frank Jensen heard the price to support an F1 race he quickly canned it

  Mayor shoots down Copenhagen's F1 project

• Leclerc could beat Vettel at Ferrari – Marciello
• Sauber set to name Raikkonen teammate
• Williams Reports 2018 Interim Results
• Ocon: There are worse things in life
• Mercedes spends $250 Million/year just on their F1 engine

Mayor shoots down Copenhagen's F1 project
(GMM) Advanced plans to bring F1 to Copenhagen have been scrapped.

The Danish capital's lord mayor Frank Jensen told the local Politiken newspaper: "We cannot participate in the planning of a project that carries so much risk."

Earlier, Copenhagen had been planning for a street race to begin in 2020.

But Jensen explained: "I had been open to it but I realized there was the expectation of a very large public contribution."

The project had been initiated by former Danish science minister Helge Sander, who told Ekstra Bladet newspaper: "I'm incredibly disappointed, because we had achieved so much.

"Liberty Media wanted a race in Copenhagen and we were approved by Charlie Whiting and Hermann Tilke was working on the circuit. We had it in our own hands," he added.

Also strongly involved in the project was businessman Lars Seier Christensen, who admitted he is "pretty angry" about it falling apart.

"The decision is purely political and could have been made 12 months ago, saving our small and talented team thousands of hours of work and several millions of dollars," he said.

Leclerc could beat Vettel at Ferrari – Marciello

Will Leclerc beat Vettel?

(GMM) Charles Leclerc could emerge as Ferrari's number 1 driver as quickly as 2019.

That is the view of racing driver Raffaele Marciello, a former member of Ferrari's driver 'academy'.

Today, 20-year-old Leclerc is Ferrari's top academy member, and has received a promotion from Sauber to the top Maranello team for next year.

And Marciello thinks Sebastian Vettel could be in trouble.

"In the Red Bull years he (Vettel) had Mark Webber behind him but he (Webber) was not a champion and the car was better than all the others," he told AS newspaper.

He also recalls Vettel's final year at Red Bull, when Daniel Ricciardo was faster.

"A champion must always adapt rather than suffer from the pressure which is what we are seeing from Vettel today," Marciello said.

"The comparison with Kimi is also not reliable, because when I did the Abu Dhabi test in 2014, I was seven tenths faster.

"I think maybe Kimi lost some motivation a few years ago.

"Personally I don't think Vettel was ever on par with Hamilton, Alonso or even Kubica. I am convinced that when Leclerc is at Ferrari, he will immediately be able to beat Sebastian."

However, 1997 world champion Jacques Villeneuve says that while 2019 is a "great opportunity" for Leclerc, it is also a "risk" for Ferrari.

"Ferrari is the toughest team in psychological terms to drive for," he told the Dutch magazine Formule 1.

"A driver there really feels the pressure. We saw it with Prost, Mansell and now even Vettel is suffering."

Sauber set to name Raikkonen teammate

Can Giovinazzi match the size of Ericsson's check?

(GMM) Sauber boss Frederic Vasseur has denied that taking on Kimi Raikkonen for 2019 is part of the Swiss team's deal with Ferrari.

Sauber is now a steadily improving midfield team backed by Alfa Romeo, a Fiat brand. This year it ran Ferrari junior Charles Leclerc, and for 2019 Antonio Giovinazzi is tipped to take over that cockpit.

But when asked if Ferrari refugee Raikkonen is also coming to Sauber with Ferrari links, Vasseur told Neue Zurcher Zeitung newspaper: "No, it has nothing to do with it.

"When Kimi realized that he would not be with Ferrari, he looked to the relationship that he already had with us.

"There was a phone call and then we met and, like me, Kimi likes to get straight to the point. It was a very, very fast deal. Less than four days," he added.

Vasseur admitted that Giovinazzi and Marcus Ericsson are at the top of the list for the other cockpit.

"It's a short list, that's right," he smiled.

"We have been busy getting Kimi on board but this week we will take care of the second driver."

He admitted that Raikkonen will struggle to match the results he has achieved with Ferrari, but said Hinwil based Sauber is rapidly improving.

"Last year in Singapore we were five seconds behind, now it's just two. That's a huge leap in this sport," said Vasseur.

"The key for us was Alfa Romeo. Without them we would not have been able to get Raikkonen or the Ferrari technical director Simone de Resta. It was our step from a private team to a team associated with a manufacturer.

"Nevertheless, we will remain independent," he insisted.

Williams Reports 2018 Interim Results

Claire Williams

Williams Grand Prix Holdings PLC (WGPH, Ticker: WGF1) today announced the Group’s interim results for the six months to 30 June 2018. WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited and Williams Advanced Engineering Limited.

Group revenue was marginally lower in the first six months of 2018 at £82.6m, compared to £85.9m in the same period last year. EBITDA for 2018 was a loss of £2.7m, compared to a profit of £10.4m in the prior year. This difference is largely driven by a non-recurring one-off item received in the first half of 2017.

The Formula One business generated £60.7m in revenue in 2018 (2017: £65.5m) with an EBITDA of £0.2m (2017: £10.1m). Williams Advanced Engineering recorded revenue of £21.5m in 2018 (2017: £19.9m) with an EBITDA of £2.2m (2017: £3.4m).

“We have delivered a solid set of financial results in what has been a challenging half year for our Formula One operations, whilst continuing to demonstrate growth in our Williams Advanced Engineering Business," said Mike O’Driscoll, Group Chief Executive Officer.

“Revenue and EBITDA in Formula One reduced in the first half of 2018, reflecting the challenging financial environment we operate in as an independent team. We are enduring a tough 2018 season on track, which has demanded additional investment to tackle performance issues, and we have been working through these while also turning significant attention to the design of next year’s car. There continues to be a large gap in competitive expenditure between the leading teams and the rest of the grid, and we remain hopeful that the future of the sport under Liberty Media will bring about a fairer, more level playing field for all teams.

“Williams Advanced Engineering continues to grow following a robust performance in 2017, generating revenues across a diverse range of projects and attracting new customers with its growing reputation for outstanding delivery. The reduction in profitability in the first half is all related to the timing of various projects. Its focus remains on providing energy-efficient and technically advanced performance solutions in sectors as diverse as motorsport, aerospace, defense and healthcare. We are also excited about the prospects of our recently announced joint venture with Unipart (Hyperbat Limited) which will produce batteries for premium future hybrid and electric vehicles in a high-tech facility based in the UK.

“Although we continue to face challenges in a very dynamic environment, we are well placed to respond. With world class facilities and a strong and talented organization, Williams remains determined to succeed."

Key Statistics

Item	F1	WAE	Other1	Group
Six months to 30 June 2018
Revenue (£m)	60.7	21.5	0.4	82.6
EBITDA (£m)2	0.2	2.2	(5.1)	(2.7)
Operating free cash flow3				1.8
Six months to 30 June 2017
Revenue (£m)	65.5	19.9	0.5	85.9
EBITDA (£m)2	10.1	3.4	(3.1)	10.4
Operating free cash flow3				10.9

Notes:
1. Williams Heritage, Williams Conference Centre, Group costs, and other projects delivered outside of F1 and Williams Advanced Engineering.
2. EBITDA represents earnings before interest, taxes, depreciation and amortization and excludes non-cash share-based payment charges and mark-to-market charges on financial derivatives.
3. Operating free cash flow represents cash flows from operating activities including capital expenditure and disposals of fixed assets.

Ocon: There are worse things in life

Esteban Ocon

Force India driver Esteban Ocon is resigned to the fact that his Formula 1 career has stalled, but laments the fact that not long ago he had offers on the table from big teams but in the blink of an eyelid, his future suddenly became very uncertain and all through no fault of his own.

In an interview with AutoMoto on TF1, the highly rated young Frenchman admitted, “It is not an easy situation that I am living through, but there are worse things in life."

“It is crazy to still be in this situation because it was great a few months ago, we were in a great situation with two possible choices, with two big teams [Renault and McLaren] an ideal situation for a driver to be in."

But things changed when McLaren signed on Lando Norris and Carlos Sainz Jr., while Renault opted for Daniel Ricciardo, a move that caught everyone by surprise.

Including Ocon, “Yes, it was a big surprise, we did not expect it at all after the discussions we had and we thought we had the green light."

Renault F1 chief Cyril Abiteboul reasoned that Ocon’s affiliation to Mercedes was the deal-breaker, but the 23-year-old disagreed, “Obviously I don’t agree with Cyril on that one point. Sure, I’m a Mercedes driver, but that would not matter if I drove for Renault."

“I would do my best in the car and I would have liked to have raced for them. Well, now that will not be the case, so we will see in the future where I will end up."

With the Racing Point owned Force India’s drivers apparently sorted for next year, with Lance Stroll a sure choice for one of the seats while Sergio Perez seems to think he has a deal stitched up with the team now owned by a consortium of billionaire pals headed by Lawrence Stroll.

Hence Ocon is looking for work and Williams might be his last chance of securing a seat on the 2019 F1 grid, “I do not know yet if I will go to Williams or not, but sure there are discussions."

As for a gap year in 2019, Ocon conceded, “It would not be a disaster but you never know what can happen in F1. During 2019, I can assure you I will do everything to secure a drive for 2020."

“We will find a solution, even if I’m not on the grid next year, I’ll be back in Formula 1, that’s for sure," insisted Ocon who received a boost when Mercedes F1 team chief Toto Wolff insisted that he would win races, even titles, with the Silver Arrows at some point in the future.

Mercedes spends $250 Million/year just on their F1 engine

Mercedes spends $250M per year just on its F1 engine

German auto maker Mercedes boosted spending on its Formula One engine manufacturing operation by 44.3% to a record $247 million (£183.1 million) last year according to recently-filed financial statements.

It paid off as Britain’s Lewis Hamilton steered Mercedes to a fourth consecutive F1 title in 2017 and the team currently leads the standings with six races remaining.

Its engine outfit is wholly-owned by Mercedes’ parent, Daimler, and its costs have more than doubled since the auto maker became an F1 team owner in 2010. It bought its team for an estimated $120 million from management including former boss Ross Brawn though it didn’t find success until he was replaced with current chief Toto Wolff in 2013.

The biggest benefits of victory are felt in Britain as the facility which designs, develops and builds Mercedes’ 1.6-liter V6 engines is based there. According to the financial statements, the engine outfit “contributes over 83% of its total expenditure within the United Kingdom." More at Forbes