- 12 Nov 08, 23:35#80802
Ayrton Senna: WDC 1988, 1989, 1990, 1991
McLaren: WCC 1974, 1984, 1985, 1988, 1989, 1990, 1991, 1998, 1999, 2007
McLaren: WDC 1974, 1976, 1984, 1985, 1986, 1988, 1989, 1990, 1991, 1998, 1999, 2008
From Planet F1:
Wednesday 12th November 2008
Plans to dramatically reduce costs in Formula One could suffer a major setback as teams are reportedly unhappy with the amount of interest being paid by its owners to service debts.
The sport is set for a massive overhaul in the next few years after FIA President Max Mosley announced plans to introduce so-called standard engines and increase the lifetime of engines.
Several teams have expressed concerns with the plans, and Ferrari and Toyota went as far as threatening to pull out of the sport.
The Guardian reports that teams have been riled even further after analysis showed that CVC Capital loaded more than $2.4bn of bank loans on to F1's holding company, Delta3 (UK), during the leveraged buyout from a consortium of banks two years ago. In addition to these were almost $2.6bn of loans from CVC. Delta3 had to fork out $229.6m in interest last year.
An insider at the Formula One Teams Association (FOTA) is being quoted as saying: "There is anger felt from many teams."
"We have had banks, oil companies, financial institutions and censored companies with us as sponsors. We have raised this money. Why do we have to keep cutting costs? The sport earns a lot of money so let's look at our share."
The report added that teams want to return to the negotiating table with the sport's commercial operators at Delta3, led by commercial rights holder, Bernie Ecclestone.
"What's changed since [2006] is the teams have seen how much debt CVC has put on the sport," another FOTA insider is quoted as saying. "We thought CVC's interest was to get income from running the business but not to such an extent that the sport has to perform to its maximum ability for five or six years just to recover the debt. This is why there is interest in new negotiations."
Ecclestone, though, is confident a new deal will soon be signed despite so many "smart-arses in the teams".
"For two years I've had a Concorde Agreement available for them to sign," Ecclestone told the The Guardian, "but the problem is they have so many smart-arses in the teams - doctors, lawyers, masseurs..."
Now, will this make all of the teams - not just McLaren and Williams - stand up against Ecclestone - and the FIA - or are they going to continue to be laughed at by them?
Wednesday 12th November 2008
Plans to dramatically reduce costs in Formula One could suffer a major setback as teams are reportedly unhappy with the amount of interest being paid by its owners to service debts.
The sport is set for a massive overhaul in the next few years after FIA President Max Mosley announced plans to introduce so-called standard engines and increase the lifetime of engines.
Several teams have expressed concerns with the plans, and Ferrari and Toyota went as far as threatening to pull out of the sport.
The Guardian reports that teams have been riled even further after analysis showed that CVC Capital loaded more than $2.4bn of bank loans on to F1's holding company, Delta3 (UK), during the leveraged buyout from a consortium of banks two years ago. In addition to these were almost $2.6bn of loans from CVC. Delta3 had to fork out $229.6m in interest last year.
An insider at the Formula One Teams Association (FOTA) is being quoted as saying: "There is anger felt from many teams."
"We have had banks, oil companies, financial institutions and censored companies with us as sponsors. We have raised this money. Why do we have to keep cutting costs? The sport earns a lot of money so let's look at our share."
The report added that teams want to return to the negotiating table with the sport's commercial operators at Delta3, led by commercial rights holder, Bernie Ecclestone.
"What's changed since [2006] is the teams have seen how much debt CVC has put on the sport," another FOTA insider is quoted as saying. "We thought CVC's interest was to get income from running the business but not to such an extent that the sport has to perform to its maximum ability for five or six years just to recover the debt. This is why there is interest in new negotiations."
Ecclestone, though, is confident a new deal will soon be signed despite so many "smart-arses in the teams".
"For two years I've had a Concorde Agreement available for them to sign," Ecclestone told the The Guardian, "but the problem is they have so many smart-arses in the teams - doctors, lawyers, masseurs..."
Now, will this make all of the teams - not just McLaren and Williams - stand up against Ecclestone - and the FIA - or are they going to continue to be laughed at by them?
Ayrton Senna: WDC 1988, 1989, 1990, 1991
McLaren: WCC 1974, 1984, 1985, 1988, 1989, 1990, 1991, 1998, 1999, 2007
McLaren: WDC 1974, 1976, 1984, 1985, 1986, 1988, 1989, 1990, 1991, 1998, 1999, 2008
