Who will be next? On Friday it was confirmed that the Manor Racing team has ceased trading with 212 staff members being made redundant.
In 2010, three brand news entered Formula One under the thought that a budget cap would be put in place, today not one of those teams is in existence with Manor Racing the final outfit to close its doors following the demise of the Caterham F1 Team and HRT.
Bernie Ecclestone may be gone but what he put in place remains and will do so for the foreseeable future. So what needs to happen to ensure that the sport does not lose another team?
The new owners of Formula One need to
- Introduce a budget cap
- Distribute the prize money in a fairer way.
- Introduce an emergency fund available to teams who go into financial difficulty and subtract any money from the teams end of season prize money.
- End Ferrari’s $100 million bonus and equally distribute that money among all of the teams.
The Sahara Force India Formula One team have been in financial difficulty recently with their request to receive their estimated $100 million for finishing fourth last year voted down by the Haas F1 Team.
The Sauber F1 Team were also in financial difficulty last year before the outfit was sold.
The 2017 Formula One season gets underway on March 26 in Melbourne, Australia.
Mercedes AMG PETRONAS F1 Team
Red Bull Racing
Sahara Force India Formula One Team
Williams Martini Racing
Renault Sport F1 Team
Haas F1 Team
Scuderia Toro Ross
Sauber F1 Team