Whitmarsh: Majority of teams struggling
15 February 2013 – Formula 1 supremo Bernie Ecclestone explained earlier this week that every team involved in the sport is financially stable and 'richer than God', but according to McLaren Team Principal Martin Whitmarsh, the opposite is the case.
With the economic crisis still hanging over the Formula 1 paddock, Whitmarsh says most teams will find it challenging to "have a viable business model for a few years."
"It's tough," Whitmarsh explained to BBC Sport. "We're in the world of advertising and you only have to see how advertising is worldwide. The rate card is down. We have taken some measures, but I think it's going to be tough for some."
Whitmarsh believes the teams are suffering from the aftermath of the global financial crisis, with a number of sponsorship deals concluding at this time. In addition, the 54-year-old has described the way in which Formula 1's profits are shared between the teams is 'deeply frustrating', but admits it is up to each outfit to fight for itself.
"Bernie has done a fantastic job for the owners," he said. "We can criticise him but he's doing a better job than we are. He's keeping the money on behalf of his employers. That money whistles out of the sport and that's deeply frustrating for some of us, but that's exactly what he should be trying to do. If the teams aren't cohesive enough to work together to secure a larger share, they have to blame themselves."
The new Concorde Agreement, which has not yet been signed, will see the teams share 63 percent of the sport's overall profits, as opposed to 43 percent in the past.