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Bernie Ecclestone

Ecclestone: All 11 teams are financially safe

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Formula One boss Bernie Ecclestone says that the whole 11 teams are economically secure, and the sport won’t be losing them because of budgetary problems.

Bernie also added that even though he thought the Marussia would pull out of the sport this season, it has dedicated to continue with sport.

Last week Ecclestone had arranged a meeting on Thursday with F1’s smaller teams, and this fuelled speculation that they face a financial support crisis. And he says the meeting was positive.

“On Thursday I was bringing the teams up to speed with the new Concorde Agreement,” he told Autoweek. They are all safe”

“We have got a deal with them all, including Marussia. We are continuing with Marussia. I thought they were going to go but they are not.”

Autoweek reporting that, Marussia’s latest financial statements are for the year-ending Dec. 31 2011 and show that the team made a net loss of $72.6 million. In September of 2012, its chief executive Andy Webb said, “The directors are in active discussions with potential new investors in the business and are also pursuing other sources of income including potential sponsorship and drivers.”

Since then, Marussia has not made an announcement about new investment, and the team lost out on approximately $30 million in prize money because it finished 11th in the final standings, one place down from the place it had occupied for most of the latter part of the 2012 F1 season.

Now, however, the teams will get a big boost from the new Concorde Agreement. “They’ve all got more money than God,” said Ecclestone… Read Full


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