12-05-2008, 09:32 PM
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#3 (permalink)
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Black day for racing
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12/05/08 Cosworth has won the tender to supply a low-cost engine and transmission package in 2010 and beyond, formula one's governing body announced on Friday.
In the wake of Honda's shock departure from the sport, the FIA said in a statement that the news confirmed its fears about the current financial format, and sent a letter to team bosses.
It is revealed that the cost to teams wanting to use the un-badged Cosworth engine option will be $2m euros, plus 5.5 million euros each season.
"The engine will be a current Formula One engine while the transmission will be state-of-the-art Formula One and a joint effort by two companies which already supply transmissions to most of the grid," said Mosley.
"The cost to each team taking up this option will be an up-front payment of £1.68M (€1.97M) and then £5.49M (€6.42M) per season for each of the three years of the supply contract (2010, 2011, 2012). This price is based on four teams signing up and includes full technical support at all races and official tests, plus 30,000 km of testing.
"The annual cost will reduce if more teams take up the option, for example to £4.99M (€5.84M) per team with eight teams. It will further reduce if less than 30,000 km of testing is required. Neither engine nor transmission will be badged."
Teams not wanting to use the standard engine have "the right to build an engine themselves", or a de-tuned version of their current 2.4 liter V8s, but must use a standard transmission supplied by Ricardo Transmissions, a British company. Other engines will not be allowed to have better performance than the standard engine.
Mosley said the measures will help small teams survive, and also pave the way for the replacement of more outgoing manufacturers, "as seems likely" to be necessary.
He wants four teams to sign up the scheme by next Thursday, or the price may go up.
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Mercedes wants F1 costs cut by 50 per cent The German carmaker Mercedes says Formula One teams must cut costs by at least 50 percent over the next two years although its own financial position remains solid. Meanwhile Formula One supremo, Bernie Ecclestone, says he knows two parties interested in taking over Honda's interest and is relaxed despite the world financial situation.
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Two more teams could pull plug on F1 In the wake of the shock decision by Honda to pull out of Formula One, Max Mosley, the president of the FIA, issued a dire warning yesterday that two more manufacturers could quit the sport as the credit crunch deepens in the coming weeks.
As Formula One was trying to come to terms with the unexpected move by Honda to withdraw from the world’s most expensive and prestigious championship and put its Northamptonshire-based team up for sale with the danger that up to 700 people could lose their jobs, Mosley said that Formula One had better heed this warning or face the consequences.
“The problem is that all I have are rumors and one shouldn’t really work on rumors,” the FIA president said at a hastily arranged press conference, amid suggestions in Japan that Toyota has not ruled out following Honda’s lead. “But I think, as a matter of logic, it is very likely that we will lose another manufacturer or two unless we can demonstrate to them that the present level of expenditure in Formula One is going to cease.
“If we are going to be realistic, we have to assume that all the car manufacturers, when they start cost-cutting, shutting factories and letting people off, will look at Formula One and they will ask themselves the question, ‘Do we want to continue?’ And only they can answer that question, but we can be quite certain that it will be asked.”
Mosley’s comments came on a black day for the sport when the global economic downturn, which has led to car sales plummeting in the United States, hit Formula One where almost none had expected it, as Honda stunned fans and its paddock rivals by confirming that it is selling its team and that it will be wound up if a buyer cannot be found by the start of next season. London Times
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