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.
Jan 25, 2015, 6:00 PM EST
Land once earmarked for a new NASCAR track in New York will instead become a big box and manufacturing complex.
Jan 25, 2015, 5:38 PM EST
Patrick had fun Sunday taking part in a children’s Q-and-A session at the NASCAR Hall of Fame. But she’s also ready to start her third full season of Sprint Cup racing.
Jan 25, 2015, 4:44 PM EST
Gordon will be part of a rotation of driver analysts for Fox Sports’ coverage of the NASCAR XFINITY Series in 2015.
Jan 25, 2015, 3:42 PM EST
Cyril Abiteboul also says Renault is pushing to cut Mercedes’ 2014 horsepower advantage in half by this year’s season opener.
Jan 25, 2015, 2:57 PM EST
Jack Roush isn’t used to being hung up on, but Jeff Gordon’s stepfather and business manager did so twice when the Cat in the Hat wanted to sign Gordon to drive a Ford in 1992.
Jan 25, 2015, 2:22 PM EST
Ganassi back on top at Rolex 24 at Daytona.
Jan 25, 2015, 1:58 PM EST
Rolex Watch USA will continue to sponsor the Rolex 24 at Daytona, a partnership that began 23 years ago, the watch company and Daytona International Speedway have announced.
Jan 25, 2015, 1:15 PM EST
Bill Elliott originally wanted son Chase in a Ford when he began his racing career. But when a deal couldn’t be worked out, the Elliott’s took a deal offered by Rick Hendrick and Chevrolet.
Jan 25, 2015, 12:20 PM EST
Sunday has dawned at the 53rd Rolex 24 at Daytona.
Jan 25, 2015, 12:05 PM EST
The NASCAR Sprint Cup rookie of the year has been busy helping the No. 02 Ganassi team stay in contention at the Rolex 24.
Jan 25, 2015, 11:14 AM EST
The Chili Bowl champion and future NASCAR K&N East driver assesses his night in a Super Late Model car at New Smyrna Speedway.
Jan 25, 2015, 2:10 AM EST
An early mistake from Ken Roczen shuffled him to the back of the field and resulted in him giving up the points lead.
Jan 25, 2015, 1:55 AM EST
Cooper Webb retained the points lead in the 250 Class but had some pointed words for Tyler Bowers after the race.
Jan 24, 2015, 11:10 PM EST
The 53rd Rolex 24 at Daytona is now underway.
Jan 24, 2015, 10:50 PM EST
UPDATED: A pair of disqualifications involving two of Abreu’s NASCAR K&N Pro Series East teammates elevate the Chili Bowl champion to a 13th place finish.
Jan 24, 2015, 7:06 PM EST
Coon will work on MRN Radio’s live qualifying and race broadcasts in 2015.
Jan 24, 2015, 5:23 PM EST
Since resigning from Ferrari last fall, Montezemolo has taken over as CEO of an Italian airline and joined the board of directors for F1’s controlling shareholder.
Jan 24, 2015, 3:08 PM EST
Vets-Help hopes to not only host disabled veterans’ races at the track, but also build a residential complex and rehab center for vets and soldiers returning from war.
Jan 24, 2015, 1:37 PM EST
Former team competition director alleges that KBM owes him bonus money and commissions from a pair of sponsorships he says he helped get for the team.
Jan 24, 2015, 12:39 PM EST
The reigning World Champ and aspiring R&B singer aligns with London PR firm that’s home to some of the world’s most popular musicians.
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