(Andrew Ferraro Lotus F1 Team)
Lotus F1 Team chairman Gerard Lopez has hit out at the way Formula One is funded saying:
'The minimum budget need to run in Formula One has killed two teams'.
Lopez was speaking at the FIA Team principals press conference in Austin on Friday. Lopez said that he has recently discovered that it costs in the region of £4 million to run a GP2 team while a top Formula One team will spend £300 million.
Lopez also feels that the price of a power unit supply is too high and that he knows that a considerable proportion of the Caterham F1 Team's budget was spent on a supply of Renault power units.
The Lotus boss also spoke about the sponsorship deals in the sport:
'In the past 24 months we haven't seen major sponsors enter Formula One.'
The Lotus F1 Team will use a supply of Mercedes power units from next season which the outfit hopes will help them to move forward following a difficult 2014 season which has seen the team score just eight points.
© Ben Johnston 2014