Tuesday, 2 December 2014

Formula One costs summit set to take place on December 18

(Sauber F1 Team)

Formula One teams will take part in a summit meeting on Thursday 18th December to discuss a permanent way of reducing costs in Formula One. Sahara Force India, the Sauber F1 Team and the Lotus F1 Team have been pushing for ways to reduce their financial outgoing with the incredible expense incurred by the customer teams.

The summit comes in the wake of the closure of the Marussia F1 Team while the administrator installed at the Caterham F1 Team is working extremely hard in order to find a buyer for the Leafield based outfit. 

The Sauber F1 Team have also struggled in Formula One in 2014 and for the first time in their Formula One history they failed to score a single Formula One point. 

The team have signed two new drivers for the 2015 season with both Marcus Ericsson and Felipe Nasr both bring financial backing with them to the Swiss based team. Nasr brings Banco De Brasil to the team and will make his on track debut for the team at the opening Winter test of the pre-season period at the start of February.

The smaller teams have called on Bernie Ecclestone and the FIA to help introduce a fairer financial structure into the the sport that would allow the smaller teams to survive. The Marussia F1 Team have lost out on receiving their prize money despite being classified in ninth place in the championship after collecting two points at the Monaco Grand Prix earlier in the season.

The money that the team would have received would have helped them to pay off the debts and instead their assets are being sold off at auction and the money which is in the region of £40 - 50 million will NOT be distributed among the other teams on the grid.

As previously suggested a system similar to the financial fair play in football should be introduced in Formula One as this would ensure the survival of the smaller teams.

© Ben Johnston 2014

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