Majority of teams struggling financially

By on Friday, February 15, 2013

The majority of F1 teams are struggling financially, according to McLaren team principal Martin Whitmarsh.

Whitmarsh, who is also chairman of the Formula One Teams Association, says that the current financial crisis is impacting the sport.

"It's tough," he told BBC Sport.

"We're in the world of advertising and you only have to see how advertising is worldwide. The rate card is down. We have taken some measures, but I think it's going to be tough for some."

Whitmarsh believes that the current situation is a result of lucrative deals achieved prior to the start of the financial crisis in 2008 expiring.

Bernie Ecclestone last week said that F1 teams are 'richer than God', although Spanish team HRT dropped off of the grid at the end of 2012, while Caterham and Marussia have both resorted to taking drivers with financial backing.

Whitmarsh also added that it is 'deeply frustrating' to see how some money 'whistles out of the sport'.

"Bernie has done a fantastic job for the owners. We can criticise him but he's doing a better job than we are. He's keeping the money on behalf of his employers. That money whistles out of the sport and that's deeply frustrating for some of us in the sport but that's exactly what he should be trying to do."

"If the teams aren't cohesive enough to work together to secure a larger share of that, then they have to blame themselves."

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