Ecclestone: All teams financially healthy

Ecclestone: All teams financially healthy

12 February 2013 – Formula 1 supremo Bernie Ecclestone has insisted that all 11 outfits involved in the sport are financially secure, putting an end to doubts over further team closures. Last Thursday, the 82-year-old held what he viewed as a constructive meeting with the smaller teams to finalise the details for a new Concorde Agreement.

With HRT closing its doors late last year and Marussia appearing to be in financial trouble, fears were raised over the latter's long-term Formula 1 future. However, Ecclestone says the team, which recently parted ways with Timo Glock to allow for a cash injection with its second driver, is now a part of the fresh Concorde deal.

"On Thursday I was bringing the teams up to speed with the new Concorde Agreement," Ecclestone is quoted as saying by American publication 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."

The agreement will see the teams receive 63 percent of overall profits, moving up from 47.5 percent, with Ecclestone quipping: "They've all got more money than God."

In addition, a Constructors’ Champion Bonus (CCB) has been introduced, benefiting the teams which won the most Grands Prix in the four seasons preceding 2012. This will amount to 7.5 percent of Formula 1’s total revenues or at least 100 million dollars.

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