'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. Tuesday 28 March 2017

  2. 17:02

    Follow GPUpdate on Instagram in 2017!

    F1
  3. Fernley: Double points 'fantastic reward' 16:16

    Fernley: Double points 'fantastic reward'

    Force India Deputy Team Principal Bob Fernley says a double points finish for the squad at the Australian Grand Prix is a…

    F1
  4. Hamilton sure of gains on tyre usage 15:44

    Hamilton sure of gains on tyre usage

    Mercedes driver Lewis Hamilton says the team understands where it is lacking in terms of tyre usage, after he missed out on…

    F1
  5. Zarco vows to learn after starring debut 14:05

    Zarco vows to learn after starring debut

    Tech 3 rider Johann Zarco has vowed to learn from his race-ending mistake, in the wake of a shock spell in the lead on his…

    MotoGP
  6. Lack of preparation hurt Renault - Abiteboul 12:18

    Lack of preparation hurt Renault - Abiteboul

    Renault chief Cyril Abiteboul reckons the team's prospects at the Australian Grand Prix were hindered by a lack of preparation…

    F1
  7. Video: Lewis Hamilton explores Melbourne 11:02

    Video: Lewis Hamilton explores Melbourne

    Follow Lewis Hamilton as he explores Melbourne during the Australian Grand Prix weekend.

    F1
  8. Webber: Alonso might not do whole season 09:45

    Webber: Alonso might not do whole season

    Ex-Formula 1 driver Mark Webber has suggested that Fernando Alonso might not see out the 2017 season with McLaren-Honda, as he…

    F1
  9. Grosjean sees 'huge potential' despite exit 09:40

    Grosjean sees 'huge potential' despite exit

    Romain Grosjean expressed confidence that Haas' VF-17 has "huge potential", despite the team suffering a double retirement at…

    F1
  10. Hyman gets F2 test outing with Campos 08:44

    Hyman gets F2 test outing with Campos

    South African racer Raoul Hyman will sample Formula 2 machinery with Campos during this week's second pre-season test in…

    F2
  11. Opinion: Don't judge 2017 overtaking on opener 07:55

    Opinion: Don't judge 2017 overtaking on opener

    The 2017 Formula 1 season-opener in Australia featured a relative lack of overtaking, drawing complaints from some quarters, but…

    F1
  12. Video: Onboard with Rahal at Barber 05:24

    Video: Onboard with Rahal at Barber

    Ride onboard with Graham Rahal at the Barber Motorsports Park, ahead of next weekend's Indy Grand Prix of Alabama at the venue.

    Indy
  13. Monday 27 March 2017

  14. Australian Grand Prix: Winners and Losers 16:22

    Australian Grand Prix: Winners and Losers

    Sebastian Vettel opened the season with victory at the Australian Grand Prix, setting up the prospect of a title battle with…

    F1
  15. Márquez: Tyre change was 'biggest mistake' 15:36

    Márquez: Tyre change was 'biggest mistake'

    Reigning World Champion Marc Márquez labelled a tyre change pre-race as the "biggest mistake" as he slipped away from…

    MotoGP
  16. Canamasas to test again for Trident 14:32

    Canamasas to test again for Trident

    GP2 veteran Sergio Canamasas will again conduct Formula 2 testing with Trident for the second pre-season group running in…

    F2
  17. Hülkenberg 'just couldn't overtake' Alonso 14:10

    Hülkenberg 'just couldn't overtake' Alonso

    Renault's Nico Hülkenberg was left frustrated after dropping behind McLaren-Honda rival Fernando Alonso on the opening lap of…

    F1
  18. Vandoorne: McLaren race finish a milestone 12:02

    Vandoorne: McLaren race finish a milestone

    Stoffel Vandoorne says that reaching the finish of the Australian Grand Prix represented a milestone for McLaren-Honda…

    F1
  19. Sauber baffled at no Magnussen penalty 11:42

    Sauber baffled at no Magnussen penalty

    Sauber Team Principal Monisha Kaltenborn blasted an "incomprehensible" decision by the stewards not to penalise Kevin Magnussen…

    F1
  20. Viñales thrilled with 'incredible' Qatar win 10:58

    Viñales thrilled with 'incredible' Qatar win

    Maverick Viñales hailed an "incredible feeling" as he claimed victory on his Yamaha debut at the season-opening Qatar Grand…

    MotoGP
  21. Formula E unveils revised Berlin track layout 10:39

    Formula E unveils revised Berlin track layout

    Formula E organisers have unveiled the revised circuit layout for this year's Berlin ePrix at Tempelhof Airport. The disused…

    FE
  22. Räikkönen rues difficult opening stint 10:24

    Räikkönen rues difficult opening stint

    Ferrari driver Kimi Räikkönen was left to rue a difficult opening stint to the Australian Grand Prix as he finished the first…

    F1
  23. Vettel, Hamilton relishing potential title fight 09:12

    Vettel, Hamilton relishing potential title fight

    Ferrari's Sebastian Vettel and Mercedes' Lewis Hamilton say they are relishing the prospect of a title battle against each…

    F1
  24. Video of the Day: Hamilton's hospitality tour 05:32

    Video of the Day: Hamilton's hospitality tour

    Lewis Hamilton takes you on a tour of Mercedes' hospitality unit at the Australian Grand Prix.

    F1
  25. Sunday 26 March 2017

  26. 20:48

    Latest MotoGP photos: Sunday at Losail

    MotoGP
  27. 20:47

    In full: Qatar Grand Prix race results

    MotoGP
  28. Viñales victorious in scintillating Qatar race 20:28

    Viñales victorious in scintillating Qatar race

    Maverick Viñales claimed victory on his Yamaha debut after prevailing against Ducati's Andrea Dovizioso during a thrilling…

    MotoGP
  29. 18:00

    Starting grid for the Qatar Grand Prix

    MotoGP
  30. 16:07

    Latest F1 photos: Sunday in Melbourne

    F1
  31. Clear: Australia win 'fell into our hands' 16:05

    Clear: Australia win 'fell into our hands'

    Ferrari's Head of Race Activities Jock Clear believes victory at the Australian Grand Prix "fell into our hands" after early…

    F1
  32. Giovinazzi lauds 'fantastic' F1 debut 12:26

    Giovinazzi lauds 'fantastic' F1 debut

    Sauber's Antonio Giovinazzi hailed a "fantastic" weekend as he claimed 12th place on his Formula 1 debut at the Australian Grand…

    F1
  33. Massa delighted to lead midfield charge 11:38

    Massa delighted to lead midfield charge

    Williams' Felipe Massa labelled himself as "really happy" as he led the charge in Formula 1's midfield by placing sixth at the…

    F1
  34. Sainz Jr. hails 'confidence boost' for STR 11:02

    Sainz Jr. hails 'confidence boost' for STR

    Carlos Sainz Jr. says Toro Rosso's performance at the Australian Grand Prix has acted as "confidence boost" for the team…

    F1
  35. Pérez reckons seventh place maximum 10:27

    Pérez reckons seventh place maximum

    Sergio Pérez believes he extracted the maximum from Force India's potential as he finished in seventh position at the…

    F1
  36. Wolff: Ferrari had quicker package in race 09:24

    Wolff: Ferrari had quicker package in race

    Mercedes boss Toto Wolff has conceded that Ferrari simply had the quicker package during the Australian Grand Prix, highlighting…

    F1
  37. Alonso: McLaren last 'in normal conditions' 09:08

    Alonso: McLaren last 'in normal conditions'

    Fernando Alonso fears that McLaren-Honda could be Formula 1's slowest team "in normal conditions", despite an encouraging…

    F1
  38. Ricciardo: Separate issues caused dramas 08:57

    Ricciardo: Separate issues caused dramas

    Red Bull's Daniel Ricciardo says two separate issues on his RB13 compounded his dismal Australian Grand Prix weekend, as he…

    F1
  39. Marchionne praises Ferrari's winter push 08:36

    Marchionne praises Ferrari's winter push

    Ferrari President Sergio Marchionne has reacted to Sebastian Vettel's victory at the Australian Grand Prix with a statement…

    F1
  40. Hamilton 'ran out of grip' during first stint 08:29

    Hamilton 'ran out of grip' during first stint

    Lewis Hamilton conceded he simply "ran out of grip" during the first stint of the Australian Grand Prix, as he missed out on…

    F1
  41. Vettel 'over the moon' with Australia win 08:07

    Vettel 'over the moon' with Australia win

    Sebastian Vettel described himself as "over the moon" after he opened his and Ferrari's 2017 Formula 1 campaign with victory at…

    F1
  42. 07:39

    In full: Australian Grand Prix race results

    F1
  43. Vettel beats Hamilton to Australian GP win 07:36

    Vettel beats Hamilton to Australian GP win

    Sebastian Vettel beat Lewis Hamilton to victory in the season-opening Australian Grand Prix, after going longer on a one-stop…

    F1
more news