half of the formula 1 grid is in financial turmoil
Last Updated : GMT 08:31:41
Arab Today, arab today
Arab Today, arab today

Half of the formula 1 grid is in financial turmoil

Arab Today, arab today

Arab Today, arab today Half of the formula 1 grid is in financial turmoil

Canberra - Arabstoday

6 teams out of 11 don’t have the necessary budgets to complete the 20 race 2012 season. In less than two weeks\' time, the first F1 race for the 2012 season will be held on the streets of Melbourne, Australia. Last Sunday the final tests were concluded without any team coming out as a clear favorite to win the championship. That seems to be a good and healthy situation so far. However, the business of F1 is far from being in a healthy state. 6 out of 11 F1 teams that will be airlifting their valuable equipment to Australia are in danger of going out of business, according to Maurice Hamilton, one of the most well-connected F1 correspondents.Writing in grandprix.com, Hamilton reports that not only the three small teams, HRT, Marussia and Caterham are having difficulties, but also a powerhouse like Williams might not survive the season, not to mention teams like Sauber and Force India. Hamilton writes that a team\'s minimum annual budget is $120m and those of Ferrari\'s and Red Bull\'s are $180 million.He reports that he heard complaints on delayed wages to F1 teams\' personnel, delayed payments to suppliers, shortages in spares and bank loans being refused. Big blue chip corporate sponsors are taking advantage of the situation, negotiating reductions in their payments.According to Hamilton, the implementation of the new 1.6-liter turbo engines from 2014 will be very costly for the teams and he proposes to create a second tier of F1 teams that will retain the current engines. The hard economic reality of the F1 business is evident by the lack of new sponsors in the sport. In the run up to the new season, starting on 18 March, no new big money blue chip corporate sponsorship contracts were signed and announced by any team. Williams were left without a title sponsor and Force India\'s sponsor, Kingfisher Airlines, has its bank accounts being frozen by the Indian tax authorities for default in tax payment. The only sponsorship agreement that was announced in last few weeks came the way of Bernie Ecclestone whose company, FOM, signed a new contract with TATA communications.However if things are as bad as Hamilton\'s portrays them, Ecclestone will have to use his resources in order to bail a few of the teams out, as he has done in the past, and provide race organizers with sizeable grids.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

half of the formula 1 grid is in financial turmoil half of the formula 1 grid is in financial turmoil

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

half of the formula 1 grid is in financial turmoil half of the formula 1 grid is in financial turmoil

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday