Financial situation concerns F1 chiefs

Leading figures in Formula One have expressed concerns as to how the sport will be affected by the worsening global financial crisis.

Teams rely on sponsors to help fund organisation, research and development as well as the transportation costs of travelling across the globe for races throughout the year.

And Toro Rosso co-owner Gerhard Berger believes things will be difficult financially over the next two years.

“I think it is going to affect all of us,” he said.

“I think it is going to be difficult times, no question, and if you look at new sponsors coming into Formula One, it is very seldom, especially the big ones.

“As I see it, it is not going to be easy the next two years.”

Red Bull Racing team principal Christian Horner agreed with Berger and believes teams and the FIA will have to work hard to ensure costs do not spiral out of control.

“The global economy at the moment isn’t in great shape and it affects all areas of the pit lane,” he said.

“It is down to the teams to work collectively with the governing body to make sure that we are responsible in what we do to control our costs.”

Horner was speaking in Singapore ahead of this weekend’s first night race in Formula One history.

And the 34-year-old believes such events can only help boost the sport during the difficult financial times.

Horner added: “Venues and races such as this one are so powerful and strong for Formula One and demonstrate Formula One in such a strong and fantastic light.

“I think there are other very positive aspects as well and I think this race, certainly this weekend, will be a big boost for the series in general.”