FIA President Jean Todt has blasted the current financial climate in Formula 1 by stating its unacceptable to see the majority of teams “struggling to survive” and is eager to usher in positive change.

Todt, a former Ferrari chief, is keen to see a strong working relationship between the FIA and new F1 owners Liberty Media as the two bodies look to tackle the major issues confronting the sport including the current financial structure.

Todt warns “six or seven teams are struggling in Formula 1” and has urged the financial order to be addressed to support all teams and keep the existing 10 F1 contenders on the gird for the foreseeable future.

“At the moment I am sure it's about six to seven teams who are struggling in Formula 1,” Todt said. “It is not acceptable to have the pinnacle of motorsport where 60 to 70 percent of the field are struggling to survive.

“Each competitor is important to Formula 1. But we know historically that it has been a big turnover amongst certain manufacturers and amongst the smallest teams. If you see who has come from the beginning, you have Ferrari, you have McLaren, you have Williams, you have Sauber. They are the longest into motor racing.”

One sticking point to the financial restructuring in F1 appears to be about splitting the revenue and prize money into fairer shares for all teams with Ferrari’s historical F1 lump sum targeted at the end of the existing Concorde agreement in 2020.

The Italian manufacturer’s President Sergio Marchionne has reacted badly to the proposed changes and issued an F1 quit threat back in November which FIA President Todt concedes the sport cannot ignore but he also accepts Ferrari can't also be drawn into a similar situation to the other teams battling to find financial balance.

“Clearly, I've had some working relationship with Ferrari, but before that Ferrari was the kind of iconic brand,” Todt said. “We are very happy to have Ferrari as a strong, key player in motor racing.

“But I don't think that Ferrari would be what they are if they had not also enjoyed the benefits of being involved in motor racing. Again on the speculation, they may leave, honestly, that is their choice. They are free. I definitely hope they will not leave, but it can always happen. You've seen big competitors leaving, coming back. But it is their choice.

“For a company like Ferrari racing should not be an expenditure. It should be at least equal and even should be revenue. It should be business revenue. That would be much healthier than what it has been over the years where it has been too much spending.”

Comments

Loading Comments...