Formula One news

Mosley: Formula 1 is wasting money

FIA president Max Mosley has hit out at Formula 1 teams for not saving money at a time when they are arguing for a bigger part of F1's $800m annual commercial rights income, distributed by Bernie Ecclestone's management group.

Mosley sent all F1 team principals a letter, leaked to British newspaper The Guardian, claiming that: Formula one's vast profits are currently being wasted on pointless exercises for the private entertainment of the teams' engineers. As a result, several independent teams are losing money when they should be making a profit, while car manufacturers are forced to spend excessively. This is the problem which needs to be addressed."

Mosley furthermore said in his letter: "If it did not waste money on pointless, hidden and duplicated technology, formula one would be an immensely profitable business. Each (team) would be a valuable franchise. Instead it is living on subsidies from the car industry and hand-outs from friendly billionaires."

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