Thursday, 18 December 2014

Teams to meet on Thursday to discuss Formula One's financial crisis

(Mercedes AMG PETRONAS F1 Team)

Formula One team’s are set to meet on Thursday to discuss ways on how to make the sport more sustainable following the closure of the Marussia Formula One Team.

McLaren Group Chairman has stated that the big teams like his own need to help the smaller teams to ensure that Formula One has a healthy grid for the future. The assets belonging to the Marussia F1 Team went under the hammer this week at an auction as the administrator FRP Advisory complete the closure of the team.

New team owner, Gene Haas who is set to enter Formula One in 2016 confirmed that his team would be bidding for a number of items from the team. 

Mr Dennis has stated that Formula One must not be forced into a knee-jerk react to what happened with the Marussia and the Caterham F1 Team’s.

Infiniti Red Bull Racing team principal Christian Horner along with Formula One Supremo Bernie Ecclestone have stated that from 2016, they would like the sport to revert back to a simpler engine formula.


However Ron Dennis has stated that this would just increase the costs in Formula One even further. The sport introduced a new more efficient formula in 2014 which saw the team’s adopt smaller 1.6 litre turbo charged power units along with a number of other key regulation changes which results in a rise in costs for the manufacturers which were then handed down to team’s as the price of engine supplies increased to offset the cost of the development of the new power units.

Mr Dennis has also said that he is against three car or customer team’s as new entrants who come into the sport know the risks involved in entering Formula One.

He believes teams planning to enter the championship should carefully analyses whether or not they will be competitive BEFORE they line up on the grid. 

© Ben Johnston 2014

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