Bahrain just hosted the latest Formula One Grand Prix, and according to the organizers, funding for the sport has not been affected by the current financial crisis.
April 27, 2009 4:38 by Aarti Nagraj
Bernie Ecclestone, the president and CEO of Formula One Management and Formula One Administration recently said that he is “not too worried” by the impact of the global recession on Formula 1, reports ITV.com. While Honda has withdrawn from the event, major sponsors like RBS and ING are also phasing out their involvement.
However, in an interview with Motor Sport magazine, he did say that while there is no immediate crisis, F1 may face problems in the future, when contracts have to be renegotiated.
“I suppose we are no different to any other company,” he said. “Anyone who says what has happened hasn’t affected their company is obviously not in touch with their company.”
He added that while most of the teams have longer-term contracts, “If things don’t change in the longer term then I think we are going to have problems in 2010 and 2011. I am sure we will.”