Formula One news

'Wake up, F1' - Stoddart

Minardi boss Paul Stoddart has renewed his attack on formula one's vastly inflated budgets. While addressing the South Australian Press Club in Adelaide, the 50-year-old millionaire said grand prix racing 'has a PhD in how to waste money.'

Stoddart said that while Ferrari and Toyota spend $1 billion per year between them on F1, back of the grid Minardi scrape together 'a miserable' $36m for the season. Stoddart said: "It's time formula one woke up and grew up. These ridiculous budgets are not sustainable in the long term."

Stoddart, in town on business for his new domestic OzJet airline, also backed countryman Mark Webber, who has come under fire for failing to excel in his first season at Frank Williams' team. "He certainly could be world champion," Paul insisted.

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