FIA question ‘economic balance’ in F1

Formula One’s governing body the FIA has questioned the ‘economic balance’ within F1.

The statement follows the news that the two remaining ‘newbie’ teams of Formula One will both miss the United States Grand Prix in Austin.

In 2010, Hispania, Team Lotus and Virgin Racing all entered Formula One.

Due to financial reasons and change of ownerships, those three teams evolved into HRT, Caterham and Marussia.

HRT folded three-years later and departed F1 at the end of 2012, leaving just Marussia and Caterham to scrap it out at the back of the grid.

This month has seen both teams circum to financial difficulties.

Caterham are on the brink after team founder Tony Fernandes sold the team.

Caterham Sports Limited the manufactures for the Caterham F1 team first fell into administration and now the team has followed suit with administrator Finbarr O’Connell taking complete control.

Marussia soon followed suit and it was announced that both teams would miss the United States Grand Prix this weekend in Austin.

They both will probably also miss Brazil due to logistical reasons as the races in Austin and Sao Paulo are back-to-back, with the cars transported direct from the USA to Brazil by Ecclestone’s Formula One Management.

‘The FIA has been informed of the financial difficulties of the CATERHAM F1 and MARUSSIA F1 Teams and of the considerable uncertainty surrounding their participation in the final races of the 2014 championship. The FIA said he in statement.

It went on to add: ‘Looking beyond the end of the 2014 season, these failings once again acutely raise the question of the economic balance of the FIA Formula One Championship and justify the position, expressed many times by the FIA, in favour of any initiative that will help reduce costs in order to ensure the survival of the existing grid or attract potential new entrants.

‘As such, the FIA, in close cooperation with FOM [Formula One Management] and the different stakeholders in F1, will continue to work towards maintaining the attraction of the championship and the equitable participation of the teams in it in the years to come.’