$10m fund for 2010 new teams to end

By on Monday, April 29, 2013

Bernie Ecclestone has said that Caterham and Marussia will no longer receive $10m on an annual basis.

The lump sum was paid to the three teams who joined the grid in 2010 but this has now ceased. Only the top 10 teams will receive money under the new proposed Concorde Agreement.

Marussia currently holds 10th place in the championship courtesy of Jules Bianchi's 13th place in Malaysia.

The two teams held unsuccessful merger talks over the winter.

Ecclestone also confirmed to The Daily Telegraph that he plans to float the sport on the Singapore stock exchange.

"We have agreed to do it. It will happen this year and it will be up and running. CVC is getting on with it and putting all the bits and pieces together that they have to," he said.

Plans to float the sport on the Singapore stock exchange last year were put on hold following the continued European financial crisis.

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