UpdateF1 >> Formula 1 News > Bernie wants commitment

Ecclestone on future

Jan.26 (GMM) F1 chief executive Bernie Ecclestone has proposed to give formula one's richest teams more freedom to spend vast sums of money.

The scheme, at odds with the current trend for massive cost-cutting in the wake of the departure of Honda, would be in exchange for the manufacturers promising a long-term commitment to the sport.

"If the manufacturers are prepared to make a long-term commitment, say seven to 10 years, we should let them spend what they want to spend, providing they supply engines and gearboxes at an affordable price," the 78-year-old billionaire told the Daily Telegraph newspaper.

Following the expiry of the binding Concorde Agreement, the sport is currently commercially governed by a memorandum of understanding, which by Ecclestone's own admission is not legally binding.

It is in pressing for teams to commit to a new Concorde that he recently mischievously threatened to reduce, rather than increase, the revenue distributed to the teams.

The diminutive Briton hopes his lure of greater freedom for the big teams will entice them to sign up soon, even though recent cost-cutting moves were widely welcomed.

"Whether they will commit to that I don't know. Getting them to agree on anything has always been the problem," Ecclestone said.

"But if they did it would prevent the kind of thing we have seen with Honda because we could sue the arse off them if they left. They wouldn't like that."

Despite his recent suggestions to improve the sport, however, including his rejected 'medals' scoring system, Ecclestone insists he is not interested in succeeding Max Mosley as FIA president.

"Max doesn't get paid. Even if they paid me 10 times what I earn now I wouldn't do it," he laughed.

Written: Mon, 26 Jan 2009 10:33:28