Bernie Ecclestone has warned Formula One car racing teams to expect a reduced share of revenues from their glamour sport as it faces the toughest financial climate in its history.
However, Mr Ecclestone said the teams should expect the opposite. “We don’t need to pay more. We’ve got to give them less,” he said. He accused the teams of dragging their feet in negotiations over long-term commercial contracts, warning they could lose their share of the estimated $50m in prize money the Honda F1 team would have earned this season.
“In what I call the good old days, all we had to do was have a chat with the people who had all the money . . . But now they come along and they’ve got lawyers and masseurs and they can never agree on anything,” he said.
But Ecclestone said: “They could ask for more money but they won’t get it. We don’t need to pay more. We’ve got to give them less.”
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