F1 boss Bernie Ecclestone says that the current global financial crisis hasn’t impacted F1 as much as he originally expected it to. Judging by the teams retaining most of their employees and seeking more credential application from FOM for Grand PRix attendance is one of the measuring rods Bernie to support his case:
“I don’t get the impression that this crisis has caused any problems, which is a big surprise,” Ecclestone explained to the Guardian newspaper.
“You would have thought that the teams would take less people and start to cut down on costs. But they’re taking more people to the races than they took last year. I know exactly because we do all the credentials.
“It doesn’t look to me as though they’re cutting down too much.”
However, Bernie does not have a shining outlook for the European economy even though his racing series seems to be weathering the storm:
“I said a long time ago that the stock market would crash and that Europe would become a third-world economy,” said Ecclestone. “And it will.”
The question is, if Bernie’s prediction of the European economy comes true, how will F1 fair in that type of economic disaster? I also don’t think Europe isn’t the only economy to keep and eye on. The recent spate of races lodged under the fingernail of many Pacific-Rim nations has me somewhat concerned. The viability of an emerging nations ability to fund races while still attempting to build their infrastructures and manage the rapidly changing quality of life for their populations seems difficult and with the economic downturn, they are prone to be susceptible to serious issues relegating an F1 race as far beyond tertiary on their list of To-Do’s.
Either way, CVC has massive interest expense and their agent provocateur will find the pockets across the globe that are not tightly secured and entice them to build, host and then lose a Grand Prix. That’s salesmanship!
