'Formula 1 needs solid business model'

'Formula 1 needs solid business model'

4 June 2014 – Formula 1 needs to produce a 'solid business model for the future' or else the sport could find itself with only four teams, Lotus Deputy Team Principal Federico Gastaldi has warned.

His comments come ahead of the Canadian Grand Prix this weekend and in the wake of a meeting of the all teams last month and the Strategy Group where the issue of cost control was again discussed.

Although all the teams have voiced their opinions recently - and were quizzed on the matter in the FIA team representatives' press conferences in both Monaco and Spain, Gastaldi has now reiterated just how important it is that something is done. He also believes it would be 'beneficial for all'.

"There are a lot of discussions. The problem is that while we seem to be in the same boat, we are not yet on the same page," he said. "We all have different agendas and different things to worry about. Ultimately, Formula 1 is the pinnacle of motorsport and we all try to spend as much money as available to try to beat the opposition.

"If you have a massive budget and good people you place yourself well to be able to produce a very good racing car. It is true that Enstone has a history of punching above its weight in regards to creating very competitive cars on smaller budgets than the opposition, but cost cutting can be beneficial for all. The crucial aspect is that it needs to be done so there are no loopholes.

"Ultimately, we need to ensure the sport in the current economic and sponsorship climate is sustainable. If we don't do this we could find a situation where Formula 1 has only four teams. We need to make sure we, as Formula 1, produce a solid business model for the future," he underlined.

Gastaldi also added that it is very difficult these days to find sponsors given the current economic climate.  

"It is never easy and certainly title sponsors are something of a rare breed at the moment. As a team we have a number of strong partners and we have a secured operational budget for the season, notwithstanding that we don't have a title sponsor as such. What we have been able to do – and we've seen more of this happening elsewhere too – is secure additional support from new and existing partners. In Monaco, we saw Saxo Bank on our sidepods - and they were very happy with the value they received from this activation - and in Montreal we have EMC in this position and we know they will be happy with the activation they can leverage from this [too]," he noted.

related

Comments

Latest News
Full
Compact

  1. Friday 29 May 2015

  2. 16:32

    Book F1 tickets and join the action live!

    F1
  3. Video: Stirling Moss at Mille Miglia 15:51

    Video: Stirling Moss at Mille Miglia

    Sir Stirling Moss and his Mille Miglia-winning Mercedes-Benz 300 SLR reunite, 60 years on from victory.

    F1
  4. Grosjean annoyed by brake test claims 14:34

    Grosjean annoyed by brake test claims

    Romain Grosjean says he was left annoyed by accusations that he brake tested Max Verstappen before their clash at the Monaco…

    F1
  5. 14:16

    Latest MotoGP photos: Friday at Mugello

    MotoGP
  6. Dovizioso stays on top in second practice 14:12

    Dovizioso stays on top in second practice

    Andrea Dovizioso kept Ducati on top during Friday afternoon's second free practice session for the Italian Grand Prix at…

    MotoGP
  7. Ecclestone sets Indian GP deadline 11:30

    Ecclestone sets Indian GP deadline

    Bernie Ecclestone has set a two month deadline for Indian Grand Prix organisers to get the event back on the calendar for the…

    F1
  8. Video: Force India drivers quizzed 10:23

    Video: Force India drivers quizzed

    Force India drivers Nico Hülkenberg and Sergio Pérez are quizzed on how well they know each other.

    F1
  9. Dovizioso tops first Mugello practice 09:58

    Dovizioso tops first Mugello practice

    Andrea Dovizioso and Ducati topped the times as their home Grand Prix weekend at Mugello got underway on Friday…

    MotoGP
  10. Bottas sure Monaco showing a one-off 08:02

    Bottas sure Monaco showing a one-off

    Valtteri Bottas is sure that his Williams team will return to form at the Canadian Grand Prix, after a highly challenging…

    F1
  11. Video of the Day: McLaren in Monaco 05:26

    Video of the Day: McLaren in Monaco

    McLaren celebrated the 10th year of its Johnnie Walker partnership with a special night out in Monaco.

    F1
  12. Thursday 28 May 2015

  13. FIA opens selection process for new team 21:04

    FIA opens selection process for new team

    Formula 1's governing body, the FIA, has officially opened up a new selection process to identify a candidate team to join the…

    F1
  14. Video: Drivers preview 'Dual in Detroit' 14:44

    Video: Drivers preview 'Dual in Detroit'

    Hélio Castroneves, Scott Dixon and Simon Pagenaud preview the 2015 'Dual in Detroit'.

    Indy
  15. Todt: No ban on alcohol sponsorship 12:36

    Todt: No ban on alcohol sponsorship

    FIA President Jean Todt has made clear that there will be no ban on alcohol sponsorship in Formula 1, describing such a move as…

    F1
  16. Jos Verstappen to join Max in F1 demo 11:24

    Jos Verstappen to join Max in F1 demo

    Max Verstappen will be joined on track by father Jos during next month's 'Italia a Zandvoort' event. While Max demonstrates a…

    F1
  17. Räikkönen given qualifying 'homework' 10:33

    Räikkönen given qualifying 'homework'

    Ferrari team boss Maurizio Arrivabene has urged Kimi Räikkönen to improve his qualifying performances at future Grands Prix…

    F1
  18. González, Vautier get Detroit seats 09:51

    González, Vautier get Detroit seats

    Rodolfo González and Tristan Vautier will reclaim seats at the Dale Coyne Racing squad for this weekend's IndyCar double-header…

    Indy
  19. Mark Sutton: Story Behind the Shot - Monaco 09:48

    Mark Sutton: Story Behind the Shot - Monaco

    Especially for lovers of motorsport photography, GPUpdate.net's race-by-race series, Story Behind the Shot, continues throughout…

    F1
  20. Magnussen: Vandoorne deserves F1 seat 09:07

    Magnussen: Vandoorne deserves F1 seat

    McLaren reserve Kevin Magnussen says there would be "something wrong" if GP2 championship leader Stoffel Vandoorne does not…

    F1
  21. Video of the Day: Brundle's Force India drive 05:00

    Video of the Day: Brundle's Force India drive

    Ex-F1 driver turned TV pundit Martin Brundle tests – and crashes – the Force India VJM08 at Silverstone.

    F1
  22. Wednesday 27 May 2015

  23. Hinchcliffe released from hospital 16:48

    Hinchcliffe released from hospital

    James Hinchcliffe was released from hospital on Tuesday, following surgery for the injuries he sustained during practice for the…

    Indy
  24. Wilson to make FE debut in Moscow 15:33

    Wilson to make FE debut in Moscow

    Justin Wilson will make his Formula E debut with Andretti Autosport at next month's Moscow round. Wilson competed in last…

    FE
  25. Grosjean 'didn't brake test' Verstappen 14:39

    Grosjean 'didn't brake test' Verstappen

    Lotus says it has data to prove that Romain Grosjean did not brake test Toro Rosso rival Max Verstappen prior to their collision…

    F1
  26. Video: Nico Rosberg's Monaco blog 14:16

    Video: Nico Rosberg's Monaco blog

    Nico Rosberg reflects on a dramatic Monaco Grand Prix that yielded his third straight win in the principality.

    F1
  27. Mallya targets constant points with new car 12:28

    Mallya targets constant points with new car

    Force India team boss Vijay Mallya has set his sights on recording constant points finishes when the outfit's full 2015…

    F1
  28. Verstappen vows to come back stronger 10:51

    Verstappen vows to come back stronger

    Toro Rosso rookie Max Verstappen says he will emerge a stronger driver from his dramatic accident at last weekend's Monaco Grand…

    F1
  29. Rossi in 'perfect' place for Mugello 10:35

    Rossi in 'perfect' place for Mugello

    MotoGP championship leader Valentino Rossi says he arrives at Mugello in a "perfect" frame of mind after his strong start to the…

    MotoGP
  30. 10:15

    Gallery: Best photos from the Monaco GP

    F1
  31. Häkkinen: Verstappen penalty unfair 10:12

    Häkkinen: Verstappen penalty unfair

    Mika Häkkinen believes that it was wrong of the stewards to hand Max Verstappen a grid penalty for his clash with Romain…

    F1
  32. Ecclestone: Rosberg, Vettel 'bad for business' 09:43

    Ecclestone: Rosberg, Vettel 'bad for business'

    Formula 1 supremo Bernie Ecclestone has said that German drivers Nico Rosberg and Sebastian Vettel are "not so good" for the…

    F1
  33. Feature: Monaco GP's key questions 09:27

    Feature: Monaco GP's key questions

    In the build up to last weekend's Monaco Grand Prix, GPUpdate.net posed five key questions and contemplated the potential…

    F1
  34. Video of the Day: Berlin ePrix highlights 05:00

    Video of the Day: Berlin ePrix highlights

    Watch highlights from the eighth round of the Formula E championship at Berlin's Tempelhof Airport.

    FE
  35. Tuesday 26 May 2015

  36. Scan reveals further Iannone injury 19:11

    Scan reveals further Iannone injury

    Ducati's Andrea Iannone has had another set back ahead of his home race in Italy this weekend after a scan revealed a further…

    MotoGP
  37. Daly to replace Hinchcliffe for Detroit 14:18

    Daly to replace Hinchcliffe for Detroit

    Conor Daly will remain in IndyCar after Schmidt Peterson Motorsports confirmed that he will replace the injured James…

    Indy
  38. Briatore: Alonso better off at McLaren 13:31

    Briatore: Alonso better off at McLaren

    Flavio Briatore says Fernando Alonso is better placed at McLaren compared to Ferrari, despite the Spaniard having failed to…

    F1
  39. No further action in de Villota accident 11:29

    No further action in de Villota accident

    Manor Grand Prix Racing will face no further action over the testing crash involving Maria de Villota following the conclusion…

    F1
  40. Williams cannot repeat Monaco - Smedley 11:08

    Williams cannot repeat Monaco - Smedley

    Williams Head of Performance Engineering Rob Smedley says the squad must examine where it went wrong at the Monaco Grand Prix in…

    F1
  41. Arrivabene: Ferrari outsmarted Mercedes 09:49

    Arrivabene: Ferrari outsmarted Mercedes

    Ferrari Team Principal Maurizio Arrivabene says the squad outsmarted Mercedes strategically in order to collect second position…

    F1
  42. Monaco Grand Prix: Winners and Losers 08:56

    Monaco Grand Prix: Winners and Losers

    Nico Rosberg took a third straight Monaco win as dominant Mercedes team-mate Lewis Hamilton was skewered by an incorrect pit…

    F1
  43. Video of the Day: Red Bull's Energy Station 05:23

    Video of the Day: Red Bull's Energy Station

    Find out more about Red Bull's floating Energy Station, which it brought to the Monaco Grand Prix.

    F1
  44. Monday 25 May 2015

  45. Montoya: First Indy 500 win was easier 15:45

    Montoya: First Indy 500 win was easier

    Juan Pablo Montoya described his first Indianapolis 500 win as "easy" compared to his victory at the 99th running of the…

    Indy
more news