Ecclestone promises to redistribute F1’s wealth

Bernie Ecclestone has taken the huge step of admitting in public that the distribution of funds among the F1 teams is not equitable – and that he is responsible.

Ecclestone insists that he will attempt to address the issue and try to save the ailing teams, although contracts make that difficult.

“I know what’s wrong, but don’t know how to fix it,” he told PA and other British media outlets. “No-one is prepared to do anything about it because they can’t. The regulations have tied us up. If we were in a position where we could help these teams in trouble, we would do it. But we are not allowed to.

“If one team is given $10,000, everyone has to have 10,000. The trouble with lots of regulations and lots of contracts is we don’t think long term.”
Regarding the specifics of the distribution of the F1 fund, he said: “It makes no difference to me how the money is shared out.

“If they sat down here with me now and said they want to share out all of the money they get in a different way, I would say, ‘Good, give me the bit of paper’.

“The problem is there is too much money being distributed badly – probably my fault – but, like lots of agreements people make, they seemed a good idea at the time.”

Ecclestone said it wouldn’t be easy to override the existing deals: “I would say to people getting a chunk of money that I would like to take a percentage of their performance-related payment. I would put that money together to divide among the three or four we know are in trouble, and then I would put in the same amount of money. But there would not be one team that would think it was a bloody good idea.

“In the old days, the people sitting around a table would be the guys who could say yes or no. They would ask me to sort it out and it would be sorted. But none of the modern guys can agree anything, even if they wanted to. They all have to report back to somebody.

“I’d take all the money, pay all the teams’ debts that should be paid so people haven’t suffered because of Formula One, and people haven’t got credit for Formula One.

“I’d then say this is what you are going to get next year, this is the amount of money we’ve got, and this is what is going to happen from now on in. It’s percentages. It’s a case that the people involved in the sport will have to want to look after the sport and be prepared to make some sacrifices.”

5 Comments

Filed under F1 News, Grand Prix News

5 responses to “Ecclestone promises to redistribute F1’s wealth

  1. Empty words to make himself look & feel better.

    He put all these contracts in place, he knew exactly what he was doing. I don’t believe a word of it.

    The poisonous little troll makes me sick.

  2. Nigel

    The usual incoherence.
    Ecclestone simply does not understand how to set up systems; all he knows is the deal.

  3. Glen

    What a load of horse shit. This is Bernie trying to get a better deal for himself while laying any blame on others.

    “I’d love to but I can’t, other people are stopping me. It’s the FIA’s fault. it’s the teams’ fault. I’m trying to help.”

    The guy doesn’t have an altruistic bone in his shrivelled up little body. If (and it’s a big ‘if’) he really wants to sort things out then it must be because there’s an axe hanging over him. I keep reading about a minimum of 20 cars and proper management (for want of a better phrase) being in the rights agreement between him and the FIA. I hope so. I hope it all gets taken from him and the others involved, even if he has already made his billions.

    Then again, maybe he wants it all to disintegrate so he can mop up afterwards. Perhaps we should expect the imminent announcement of GP1.

  4. GeorgeK

    Difficulty to believe anything Bernie is currently saying, isn’t it?

    The underlying motive for him to redress any of the messed up financial is CVC’s desire to sellout. No one’s buying any part of the current financial shit show he’s created.

  5. floodo1

    really bernie? “The problem is there is too much money being distributed badly – probably my fault” PROBABLY your fault?????

    I love the tiny old guy in a lot of ways, but the fact that he never made the money distribution more equal has always been ridiculous. I love Ferrari but the amount of money they get is simply unfair. The top teams are or are partnered with massive corporations that would hardly notice losing 10 million a piece, which when split between the bottom teams would have a very significant impact.

    I think Toto Wolff hit the nail on the head by calling out a couple of the back teams as not actually prepared for how massive F1 is, but on the other hand there are at least 10 teams (9 + Haas) which 100% legitimately deserve to be in F1. The top teams should, for not only the sake of Formula 1 but also themselves, give up a portion of their money to the smaller teams.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s