Formula One News » More than half of F1 teams are in “survival mode” Posted on 18/02/2013
Martin Whitmarsh says that 7 of the 11 formula 1 teams are in “financial survival mode” and says teams are still feeling the effect from the 2008 economic downturn.
“It’s tough. 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 told the BBC.
“Bernie has done a fantastic job for the owners,” added Whitmarsh. “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.”