Ecclestone to Meet Team Bosses to Secure F1 Future

The CEO of Formula One, Bernie Ecclestone, is to meet with a number of F1 team bosses today with the hope of securing the sport’s future.

Ecclestone had previously met representatives from Red Bull, Ferrari, McLaren and Mercedes in January and will now host a meeting with other teams in London.

There has been no signing of the Concorde Agreement and concerns remain over future costs, with new engine regulations coming in next year.

Martin Whitmarsh, McLaren Team Principal said this week: “We’re good at creating crisis in our sport and we’re good at not sorting many things out. We need people at the moment – or someone needs to come out and say – “peace in our time”, wave a bit of paper and there’s a new Concorde Agreement. We need to have that, but I’m not sure everyone is motivated to do it.”

“I think it’s going to be tough for some of the teams to have a viable business model for a few years; there’s no doubt about that.”

Concerns over the amount of pay drivers in F1 has led some to believe that the sport is heading for serious financial issues and Whitmarsh added: “For me personally, it’s sad that there are many pay drivers in Formula 1.

“The numbers have crept up and I’m sure it’s good and exciting for those who can afford it, but you would hope that in the premier form of motor racing worldwide, you wouldn’t have to have pay drivers.”