F1 »

All F1 teams 'prepared to commit' until at least 2012

All ten of Formula 1's current teams are 'prepared to commit' themselves to the top flight until at least the end of 2012, Formula One Teams' Association (FOTA) President Luca di Montezemolo has revealed – quashing suggestions that other manufacturers are set to soon follow Honda out of the exit door.

F1 has recently embarked upon the greatest cost-cutting drive in its 59-year history, with FIA President Max Mosley hoping that all competitors will eventually be able to operate on roughly 30 per cent on their present budgets.

Whilst those plans were already in the pipeline before the global credit crunch really took hold – in an effort to prevent the sport from becoming 'unsustainable' in the light of ever-escalating expenditure – their urgency gained added momentum in the wake of Honda's shock announcement back in December that it was to withdraw its official support, plunging its Brackley-based operation into a crisis from which it has only today truly emerged, with the foundation, from the ashes, of Brawn GP [see separate story – click here].

That prompted speculation that Renault – battling a significant fall in car sales – and Toyota, which revealed its first annual loss in 71 years, could follow suit, but di Montezemolo insists that following the far-reaching resolutions tabled in Geneva this week [see separate story – click here], that is happily no longer the case.

In fact, the Italian even claimed that the economic downturn has been a good thing for F1 – and he added that the ongoing dispute between the teams and Bernie Ecclestone's Formula One Management (FOM) company over the commercial rights-dictating Concorde Agreement could be near to an end.

“All the teams and car manufacturers are prepared to commit to enter in the new Concorde Agreement until the end of 2012,” the Ferrari President is quoted as having said by international news agency Reuters.

“The crisis represents a huge opportunity to improve Formula 1 in terms of cost [and] competition, and to really look ahead. We hope and we think that we can be in a condition to sign the Concorde Agreement before the start of the season.”

Related Pictures

Click on relevant pic to enlarge
Start, Turkish F1, Istanbul Park, 9th-11th May, 2008
Milwaukee reveals 2017 WSBK Aprilia RSV4
Milwaukee reveals 2017 WSBK Aprilia RSV4
Chase Carey, Ross Brawn & Sean Bratches
Sebastian Vettel, Kyle Busch, Kurt Busch, ROC [Credit: ROC]
Juan Pablo Montoya celebrates after winning the 2017 Race of Champions title in Miami [Pic credit: ROC]
Race of Champions 2017, action [Pic credit: ROC]
Juan Pablo Monotya. Race of Champions 2017, action [Pic credit: ROC]
2017 Race of Champions line-up in Miami [Pic credit: ROC]
George Russell, Mercedes junior programme, [Credit: Mercedes]
Kevin Magnussen - Haas F1 Team [credit: Haas F1 Team]
Valtteri Bottas, Nico Rosberg
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Valtteri Bottas - Mercedes AMG Petronas
Motorsport in 30 Seconds, 11th January 2017

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.

mikeme - Unregistered

March 07, 2009 7:20 PM

Luca is highly optimistic. Given the ongoing, if not gravely worsening, contraction in the world economy and further expected slump in auto sales, it is very unlikely that the manufacturers will commit themselves to anything. Luca or FOTA cannot speak for the boards of Renault and Toyota, the companies most vulnerable at this time. The fact that sponsorships are drying up makes things more difficult to manufacturers. Unlike Ferrari, Toyota and Renault will never get the return they expect from F1.

© 1999 - 2017 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.