Formula One news

Ecclestone threatens to reduce prize money

F1 supremo Bernie Ecclestone has said that he will cut prize money for race results by as much as fifty per cent if competitors do not soon come to a truce on the terms by which to go racing. A new general Concorde agreement is still yet to be signed by the teams although the commercial rights holder is now pushing for them to do so.

The last Concorde agreement expired in 2007 and, although the Formula One Teams' Association (FOTA) made plans in March to draw up an updated document, this is still yet to happen. Formula One Management's Ecclestone, however, questions the amounts teams should be paid when finishing in points positions. "The teams want to be paid in the same manner as if they had agreed to be committed to race for five years, but they don't want to be committed," he told the Financial Times. "They shouldn't get the prize money; we are now running more of a cash-on-delivery service - you sign the contract and we'll pay you in full."

It is likely that teams are playing the waiting game, however, as details will be released today regarding the scheduled budget cap which will grant technical freedom but with an overall spending limit. Originally proposed at £30 million, FIA president Max Mosley hinted on Wednesday that a figure has now been decided, albeit above the original sum.

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