Overheard in Monaco

Although Bernie Ecclestone charges a hefty sanctioning fee for a Formula One race, as high as $30 million per year for some races, he collects nothing for the Monaco GP. The city takes all the profits. Why? Because 1) Monaco is very prestigious, and hence brings a lot of notoriety to F1, and 2) almost all sponsors are wined and dined in Monaco because it is THE place to be entertained and Bernie understands the value of keeping all the sponsors happy. He more than makes up for it from the other races. Mark C. reporting from Monaco