Teams Will Quit Warns Williams F1 Chief
The economic climate is likely to see the demise of at least one F1 team the chief executive of Williams F1 has warned.
Williams chief executive Adam Parr, said it is not just the teams with the smallest budgets that are likely to close in future.
‘There is a serious possibility that one or two teams may pull out and they could be manufacturer teams.
‘The assumption is that it would be an independent team but I don’t think this is necessarily the case.
‘What is broken in Formula One is, in broad terms, the revenue available to the teams is less than the costs of participating in the sport.’
Parr’s comments followed closely from the announcement by FIA president Max Mosley that the sport must address its financial problems in order to survive.
Mosley is due to meet with F1 teams later this month to discuss new cost-cutting measures for the sport.
