Mosley warns of "draconian" F1 changes
Tuesday, 07 Oct 2008 22:44
Mosley says that the smaller independent teams could be the first to go
Formula One President Max Mosley has warned that the teams must introduce dramatic cost-cutting measures within the next two years if the sport is to survive.
Mosley was speaking to the BBC in his first interview since winning damages from the News of the World in July following allegations about his private life, and warned that F1 may only survive one more year if it remains in its current state.
"It has become apparent, long before the current difficulties, that Formula One was unsustainable," said Mosley.
"It really is a very serious situation. If we can't get this done for 2010, we will be in serious difficulty."
Mosley warned that the first teams to go could be the smaller independent teams would not be able to absorb the spiralling costs of running and maintaining a team.
"At the moment we've got 20 cars," said Mosley.
"If we lost two teams, we'd have 16. If we lost three teams we'd have 14. It then would cease to be a credible grid."
Mosley also claimed that big teams were beginning to feel financial pressure.
"The days when they could just toss out the €100, €200, €400m a year, which is what Formula One costs those big companies, I think they are finished," he said.
"If you can believe this, the engine and gear box together for an independent team is upwards of 30m euros a year," he said.
"That could be done for probably 5% of that cost without the person in the grandstand noticing any difference at all.
"Even those big spenders, if they are given the opportunity to save 100 or 200m euros a year will do so."
"We've got various means of making sure they don't spend that money, but it does mean some draconian changes."