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Bernie Ecclestone insists F1 will not provide further funding to struggling teams

Formula One chief Bernie Ecclestone has insisted that there would be no further funding for three teams who are seeking more financial support.

Bernie Ecclestone insists F1 will not provide further funding to struggling teams

London: Formula One chief Bernie Ecclestone has insisted that there would be no further funding for three teams who are seeking more financial support.

Lotus, Force India and Sauber have said that revenues are split inequitably in favour of the top teams. But Ecclestone described talks on the subject at this weekend's Brazilian Grand Prix as a complete and utter waste of time.

Ecclestone was quoted by The BBC as saying that the way forward is very easy; don't spend as much. He added that they already give these teams collectively 900 million dollars.

The recent collapse of the Marussia and Caterham teams led to claims that Formula One is in crisis. Senior insiders had suggested that the prize money allocated for those teams, a combined total of 36.5 million pounds, could be bolstered by commercial rights holders CVC Capital Partners and the cash split between the three teams and Williams as a one-off payment.

But Ecclestone said the struggling teams should start running the business as a business.

Marussia folded on Friday and Caterham remain in administration after missing the U.S. and Brazilian Grands Prix.

Caterham's administrator has launched a crowd-funding project aimed at raising the 2.35 million pounds the team say is needed to compete at the season-ending Abu Dhabi Grand Prix later this month, the report added.

From Zee News

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