A clause written into the previous iteration of Formula One's Concorde Agreement looks set to provide some financial assistance for teams heading into next season unsure of sponsorship income, a report has claimed.
According to Britain's Express
newspaper, the company that holds the sport's commercial rights, private equity firm CVC, is obliged to shell out more than £100m to the teams as a reward to signing up to a new version of the agreement and cementing their place on the grid until the 2012 F1 campaign. The commitment to paying the bonus was revealed in the year 2007 accounts of Delta 3, F1's UK holding company, and confirms that CVC is liable for increases in F1's prize fund amounting to £107m ($182m) for the seasons 2004-07, which are to be paid out in five equal instalments at the end of each year from 2008-12.
As such, teams like Renault
- which is poised to lose title sponsor ING at the end of 2009 - and championship leader Brawn GP, which has so far failed to attract an title sponsor despite talks with the Virgin Group, should benefit from the pay-out, as F1 bosses look to keep any other teams from following Honda and BMW
Sauber to the exit door. The sport will gain at least three newcomers - Campos, Manor and US F1 - next season, with a fourth possible as BMW
Sauber's announcement was followed by its failure to sign the Concorde Agreement when talks with potential buyers stalled.