LONDON: The COVID-19 crisis is a final wake-up call for an already 'unhealthy' Formula One which risks losing teams unless drastic changes are ...
LONDON: The COVID-19 crisis is a final wake-up call for an already 'unhealthy' Formula One which risks losing teams unless drastic changes are made, McLaren team principal Andreas Seidl warned on Wednesday.
"I don't see any signs that Formula One will not exist in the next year," he added."The biggest risk that I see is that we will lose teams if we don't take decisive actions now." Formula One teams rely on their share of the sport's revenues, which come mostly from broadcasting deals, race hosting fees and sponsorship.The sport hopes to start up in the European summer and is aiming for 15-18 races, possibly behind closed doors and potentially into the New Year.
Teams have agreed on a US$150 million budget cap for 2021, still well above what some smaller teams spend but significantly less than Mercedes, Ferrari or Red Bull operate on.
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