Economic downturn forces alterations to Formula 1 rules and regulations
The economic downturn has been troubling the world and Formula 1 is no exception.
F1 faced one it’s most torrid times in the history of the sport in 2009 when, it was marred by three car manufacturers pulling out of the sport and threatened to set up their own rival series. It saw a scandal over a fixed race. Although it came through
those hurdles but altered in some ways the rules and regulations of the sport.
The situation has led F1 boss Bernie Ecclestone to work towards a more cost effective sport and has introduced for the first time ever in the history of the sport to race with cars running on V6 turbo engines starting from 2014.
Currently the test days for teams to test their cars and drivers have been very limited as well. Although this strategy has been opposed by the teams and Ferrari President Luca di Montezemolo has been most vocal about this change.
Montezemolo had threatened to leave Formula 1 if they did not mend their ways. He recognized that there was a need to be cost effective considering the current situation of the world but there also needs to be a balance between being cost effective and plain
illogical.
The reasons though are completely logical and that is why the number of testing days for drivers needs to be revised. It is imperative that the young drivers get those days to experience realistic race situations instead of virtual simulators to progress
in their careers.
The criticism over the aerodynamic limitations are also reasonable and reduces competitiveness during races. Ferrari is known for its innovation and aspires to continue that trend through the sport and the recent changes have apprehended that pattern.
“We will support our views as we see fit, in the best way possible, but let's be clear, for those who agree, that is fine, but otherwise they will just have to accept it is our position. If Formula One still wants Ferrari it must change and go back to being
at the cutting edge of research, while always keeping an eye on costs,” Montezemolo said.
One positive that has been seen since the recession hit is that since 2010 sponsorship deals have increased which has increased the money flow for teams. According to F1 industry monitor Formula money, the teams have seen an increase of about 9.6% which
in money terms meant an increase of around $125 million from last year.
More recently Red Bull Racing, Ferrari and McLaren have resigned from FOTA over the RRA, and though a spokesperson of FOTA did say that there will be further talks over the issue, it further shows the brittle relationship of the teams and Formula 1 Management
over important issues of the sport.
The end of 2011 season has also seen a major difference in prize winnings of the teams, although there has been serious talk over the Concorde Agreement that the teams want a bigger chunk of the profits, but that will not be decided until later in 2012.
Going into 2012 though has seen a marked improvement with more sponsors coming in, and the economy somewhat stabilizing. The changes of the V6 turbo engines effective 2014 is going to be a major change and it remains to be seen if sponsors and fans alike
would still be as interested in the sport as they have been over the years.
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