Apr 29, 2013, 10:02 AM EST
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.”
Feb 28, 2015, 9:00 AM EST
We wish Mario Andretti, one of the all-time greats, a happy 75th birthday.
Feb 28, 2015, 8:00 AM EST
Team founder John Booth is confident that the revived outfit will race in the Australian Grand Prix on March 15.
Feb 27, 2015, 7:00 PM EST
IndyCar drivers hit several race markets for “Focus” premieres.
Feb 27, 2015, 5:00 PM EST
How well does Josef Newgarden dunk? Find out in video he does with Indiana Pacers “Power Pack.”
Feb 27, 2015, 4:30 PM EST
French driver set for a fourth season in GP2 this year with Lazarus.
Feb 27, 2015, 4:00 PM EST
One of California’s more prestigious racing awards has its nominees revealed.
Feb 27, 2015, 3:00 PM EST
Indy Honor Flight event to be held at CGR shop in Indianapolis on Saturday.
Feb 27, 2015, 2:30 PM EST
Massa says that the main thing is that Alonso is okay and unhurt following his hefty crash in testing last week.
Feb 27, 2015, 2:00 PM EST
17-year-old has just one day of testing left before making his F1 debut in Australia.
Feb 27, 2015, 1:30 PM EST
Champions emerge on in a cold finale to 2015 Cooper Tires Winterfest.
Feb 27, 2015, 1:15 PM EST
First run for the VJM08 was “remarkable”, but there is still plenty to be caught up with at Force India.
Feb 27, 2015, 1:00 PM EST
German driver not happy with the setup on his W06 Hybrid despite posting the fastest time of winter testing so far in Barcelona.
Feb 27, 2015, 12:01 PM EST
The German team finally goes quickest in testing, sending a statement of intent out to the rest of the field.
Feb 27, 2015, 11:00 AM EST
F1 Commission agrees on changes for 2016 season in a bid to help aid investigations into accidents.
Feb 27, 2015, 9:32 AM EST
American driver secures a seat in GP2 after a turbulent 2014 campaign.
Feb 27, 2015, 9:17 AM EST
FIA confirms that Manor Marussia does have a place on the grid in 2015, relying it complies with the new technical regulations.
Feb 27, 2015, 9:00 AM EST
26 days after the rest of the F1 field, Force India gets its 2015 car out on track for the first time.
Feb 27, 2015, 7:41 AM EST
Spaniard posts a video on YouTube giving an update on his condition.
- Happy 75th birthday to one of the best ever, Mario Andretti 0
- Barcelona F1 2nd Test Paddock Notebook – Friday 0
- Rosberg quickest as Mercedes shows its hand on day two 0
- Alexander Rossi confirms return to GP2 in 2015 with Racing Engineering 3
- FIA issues updated F1 entry list including “Manor Marussia” 3
- Fernando Alonso thanks fans for support following crash 1
- Barcelona F1 2nd Test Paddock Notebook – Thursday 0