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.”
Nov 28, 2014, 3:00 PM EST
Porsche 919 Hybrids run 1-2 in the first session at Interlagos.
Nov 28, 2014, 2:00 PM EST
The end of the WEC season occurs this weekend in Brazil.
Nov 28, 2014, 1:45 PM EST
We take a look back at some of the biggest stories in Formula 1 this year.
Nov 28, 2014, 1:30 PM EST
Rico Abreu locks up USAC Honda Midget Series title with fifth-place finish in Thanksgiving classic.
Nov 28, 2014, 1:00 PM EST
Alonso proved once again in 2014 that he has ability exceeding that of the Ferrari car, but even he couldn’t make up for the shortcomings of the F14 T.
Nov 28, 2014, 12:11 PM EST
Spanish driver to race alongside Max Verstappen in 2015, stepping up to make his F1 debut.
Nov 28, 2014, 12:00 PM EST
Red Bull may have been underdogs after winter testing, but few could have predicted Sebastian Vettel’s bid for a fifth world title being as weak as it was.
Nov 28, 2014, 11:00 AM EST
After a difficult rookie season, Bottas’ sophomore year in F1 brought far more success, marking the Finn as a possible champion in the future.
Nov 28, 2014, 10:30 AM EST
Kvyat will replace Sebastian Vettel at Red Bull next year.
Nov 28, 2014, 10:15 AM EST
Nico Hulkenberg and Porsche: a win for both the WEC and F1 in a rare moment of motorsport unity for the common good.
Nov 28, 2014, 10:00 AM EST
What a year it was for Daniel Ricciardo in his first season at Red Bull.
Nov 28, 2014, 9:30 AM EST
Talks about a new contract with Mercedes should be brought forwards after title win.
Nov 28, 2014, 9:00 AM EST
A worthy title contender, Nico Rosberg enjoyed his most successful season to date in 2014.
Nov 28, 2014, 8:00 AM EST
2014 saw the Briton become a two-time F1 world champion, winning 11 races.
Nov 28, 2014, 7:00 AM EST
A new regime will come into force at Maranello next season following a disappointing campaign in 2014.
Nov 28, 2014, 6:00 AM EST
British racer will remain with Williams for 2015 after becoming the first woman to take part in a grand prix weekend session in 22 years over the summer.
Nov 27, 2014, 8:46 PM EST
NHRA team owner Don Schumacher underwent surgery Wednesday for early-stage skin cancer.
Nov 27, 2014, 8:04 PM EST
NASCAR star Kyle Busch and wife Samantha dropped a very big hint that their first child may be a boy.
Nov 27, 2014, 7:28 PM EST
IndyCar driver Graham Rahal and NHRA driver Courtney Force announced their engagement Thursday in Venice, Italy.
Nov 27, 2014, 5:57 PM EST
Police continue to investigate the cause of death of Theresa Benn, who had been missing more than a month before her body was found last week near Talladega Superspeedway.
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