Stoddart slams 'unsustainable' F1 costs

Former Minardi owner Paul Stoddart has criticised Formula One’s soaring costs, claiming the sport will run up a £1.5bn (€2.2bn) loss on this season alone.

Stoddart sold Minardi to Red Bull last year after losing his battle with small budgets in the face of wealthy manufacturer-backed opposition.

Formula One boasts six multi-national car makers among the 10 teams on the grid and their vast resources have forced costs up.

Even though Formula One is the world’s biggest annual sporting event, Stoddart is convinced the current trend for massive spending cannot continue.

He said: “We are getting into budgets where if you didn’t have 100 million (US Dollars) in your back pocket each year you really shouldn’t start competing. Those kinds of budgets are unsustainable.

“Formula One is so clinical now, the money is so huge. When you consider the grid this year, they are going to consume just under €3bn (€2.5bn) to put that road show on for 19 grands prix.

“When you start to analyse that, you can run a small country on less than three billion dollars and many countries do run on less than that. It’s an awful lot of money for 19 motor races.

“Ultimately the manufacturers are spending a lot of money. It’s marketing platform like no other, whatever anyone says about Formula One, if you are in motorsport and you are serious, Formula One is the place to be.”