Dec 23, 2013, 6:08 PM EST
Lotus chairman Gerard Lopez (pictured) has told a Russian website that he believes most of the Formula One paddock is dealing with financial issues, declaring that “for 80 percent of the teams, their financial situation is no better than ours.”
The cost of doing business in the world’s most popular motorsport has become a very big problem to the smaller teams. A cost cap is set to debut in 2015, but considering the amount of spending that is done by the bigger teams like World Champion Red Bull, one may have the sense of “I’ll believe it when I see it” when it comes to that initiative.
This past year, Lotus was in the headlines for its money woes as they were for Kimi Raikkonen and Romain Grosjean’s exploits on the track. However, Lopez noted to F1News.ru that with the global economy still limping along, teams have been forced to abandon the usual investment/sponsorship route.
“I can go to potential investors and say ‘I want to sell millions of cars running on renewable energy and hybrid technology’ and they tell me ‘Wow! Let’s see what we can do!,” he said to the Russian site.
“But if I say that I want money for F1, to participate in one of the biggest sporting events in the world, you don’t get the same answer.”
And with that comes the side effect of choosing drivers on the amount of funding they bring to the table instead of on pure talent.
Lotus can certainly relate, as team principal Eric Bouiller has said that Pastor Maldonado’s extensive sponsorship played a role in him gaining their second race seat alongside Grosjean in 2014.
Mar 5, 2015, 6:44 PM EST
“The Giz” heads to V8SC’s biggest team in a three-year deal as the team’s third car.
Mar 5, 2015, 6:13 PM EST
“RHR 2.0″ enters world on March 5, 2015.
Mar 5, 2015, 5:23 PM EST
“SK$” turns 20. Sage Karam will make his second IndyCar start at season-opening race in St. Petersburg.
Mar 5, 2015, 5:00 PM EST
JEV wants to clinch Andretti a home win when Formula E hits U.S. shores in Miami later this month.
Mar 5, 2015, 4:00 PM EST
All of the latest news from some of F1’s most prominent junior championships.
Mar 5, 2015, 3:00 PM EST
Filipino-Swiss driver moves from Formula Renault 3.5 for 2015.
Mar 5, 2015, 2:00 PM EST
British driver sends out an ominous statement of intent ahead of the first race of the year in Australia on March 15.
Mar 5, 2015, 1:00 PM EST
Can Massa and Bottas pick up where they left off at the end of 2014?
Mar 5, 2015, 12:07 PM EST
Team now all set to race in Australia on March 15 after passing the FIA crash tests.
Mar 5, 2015, 12:00 PM EST
Add another American to the Formula E roster for 2015 as Speed replaces Marco Andretti for the first of two home races.
Mar 5, 2015, 10:30 AM EST
Dutch driver reportedly seeking an urgent court order that would get him on the grid for the upcoming Australian Grand Prix.
Mar 5, 2015, 10:00 AM EST
Big night of F1 programming upcoming tonight on NBCSN.
Mar 5, 2015, 9:30 AM EST
With neither Hockenheim nor the Nurburgring prepared to host the race in 2015, the outlook is bleak for a German Grand Prix.
Mar 5, 2015, 9:00 AM EST
New sponsor, new number (again) for Hinchcliffe’s 2015 IndyCar campaign.
Mar 4, 2015, 5:14 PM EST
Honda hints at more about its aero kits, while tossing out two dates of note.
Mar 4, 2015, 5:00 PM EST
Look through the Pirelli World Challenge field continues with a look at GTS.
Mar 4, 2015, 3:00 PM EST
Daniel Ricciardo and Daniil Kvyat look to lead the team in the post-Vettel era.
Mar 4, 2015, 12:40 PM EST
Justin Wilson returns to Michael Shank Racing for Sebring one-off.
Mar 4, 2015, 12:09 PM EST
Manor Marussia F1 to make trip to Melbourne after all.
Mar 4, 2015, 10:15 AM EST
FIA Formula E CEO Alejandro Agag outlines goals for upcoming two U.S. races, and recaps the first four thus far.
- Manor passes final crash tests ahead of Australian GP 1
- WATCH: Mercedes F1: Road to Repeat at 8 p.m. ET highlights F1 block on NBCSN 0
- Manor Marussia F1 confirms trip to Melbourne 3
- Agag: Formula E off to “incredible start” heading into U.S. swing 2
- Fernando Alonso ruled out of Australian Grand Prix 3
- Mercedes F1: Race to Repeat: Teaser clips and preview (VIDEO) 0
- F1, IndyCar seasons finally premiere in 2015’s version of March madness 1