Apr 29, 2013, 10:02 AM EDT
Formula One’s smallest teams are to be put under even greater financial pressure as Bernie Ecclestone plans changes to how prize money is allocated.
Ecclestone plans to abolish the $10m payment made from the $698.5m prize fund to teams which finish outside the top ten in the points standings.
The payment was introduced at the end of 2009 when F1 sought new entries to the championship as BMW and Toyota left the sport.
Of the four new teams whose entries were accepted for 2010 one, US F1, failed to even start a race. HRT collapsed last winter and Marussia, who finished 11th last year, has not been offered a commercial agreement to remain in F1.
“They don’t have a commercial agreement because they are not in the top ten,” Ecclestone told The Telegraph. “We pay the top ten, that’s what we do. For three years we did something different because we had an agreement with [former FIA president] Max [Mosley] but from now on we will pay the top ten and that is it.”
Without Marussia the F1 grid could shrink to just ten teams fielding two cars each.
The move comes as Ecclestone prepares to float Formula One on the Singapore stock market this year. “It will happen this year and it will be up and running,” said Ecclestone.
“[F1 owner] CVC is getting on with it and putting all the bits and pieces together that they have to.”