Dec 23, 2013, 6:08 PM EDT
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 10, 2014, 4:03 PM EDT
The Penske troops do the wing-and-beer thing in their team shop.
Mar 10, 2014, 3:38 PM EDT
The new simulator, expected to be used heavily by IndyCar teams and other automotive groups, is set to be fully operational by the end of April.
Mar 10, 2014, 2:31 PM EDT
The outspoken Canadian tells a pair of Italian publications that Vettel’s “not going to win this year for sure.”
Mar 10, 2014, 2:00 PM EDT
Five prior Melbourne winners in field as F1 begins new era this weekend.
Mar 10, 2014, 1:25 PM EDT
Teams will use Pirelli’s medium and soft compounds in this weekend’s F1 season opener Down Under.
Mar 10, 2014, 1:00 PM EDT
Big year for Pocono in terms of contribution to Pennsylvania economy.
Mar 10, 2014, 12:00 PM EDT
2014 marks 10 years since Michael Schumacher’s fourth and last win in Melbourne.
Mar 10, 2014, 11:21 AM EDT
David Reutimann third driver in revolving door of No. 35 FRM Ford.
Mar 10, 2014, 11:00 AM EDT
Race winners, top-10 finishers off to great start; three of four SHR cars among those with work to do to catch up.
Mar 10, 2014, 10:06 AM EDT
No LMP1s and mostly streamed live coverage will make for a different Sebring viewing experience this weekend.
Mar 10, 2014, 9:00 AM EDT
Youngest American in the field could be primed to make the “year three leap.”
Mar 10, 2014, 8:00 AM EDT
Tony Kanaan takes over No. 10 Target ride, and seeks a return to title contention.
Mar 9, 2014, 8:56 PM EDT
A late strategy gamble pays off for Edwards with his best finish of the young Sprint Cup season.
Mar 9, 2014, 8:13 PM EDT
Kyle was strong during the Kobalt 400 but faded late, while Kurt couldn’t escape mid-pack.
Mar 9, 2014, 7:16 PM EDT
The Richard Childress Racing driver finishes third in a strong effort at Las Vegas.
Mar 9, 2014, 6:48 PM EDT
Joey Logano was the rubber band man in Sunday’s Kobalt 400 at Las Vegas Motor Speedway.
Mar 9, 2014, 6:33 PM EDT
With about 20 laps remaining, crew chief Steve Letarte warned race leader Dale Earnhardt Jr. that he would be about a half-lap shy of enough fuel to finish Sunday’s Kobalt 400 at Las Vegas Motor Speedway.
Mar 9, 2014, 5:58 PM EDT
Bad Brad sweeps the NASCAR weekend in Sin City.
Mar 9, 2014, 5:29 PM EDT
Kevin Harvick went from halfway to no way in Sunday’s Kobalt 400 at Las Vegas Motor Speedway. After leading the race at the 134-lap halfway point of the 267-lap event, Harvick’s bid for back-to-back wins came to an abrupt end when his No. 4 Stewart Haas Racing Chevrolet suffered a broken left front wheel hub…
Mar 9, 2014, 5:15 PM EDT
Richard Petty is going back home to Level Cross, N.C. – the Richard Petty Museum, that is.
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