Ecclestone: F1 financial crisis is probably my fault

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F1 supremo Bernie Ecclestone has admitted that the current financial crisis being faced by the sport has been self-induced by the leading powers in charge, and that changes need to be made.

However, he is unsure what can be done to fix the problems that saw Caterham and Marussia fall into administration ahead of this weekend’s United States Grand Prix, leaving just nine teams and 18 cars on the grid.

There was a threat of a possible boycott from Sauber, Lotus and Force India – three teams facing financial difficulties at this time – for this weekend’s race, and although this has since faded, Ecclestone still said that changes must be made to prevent more teams from fading.

“The problem is there is too much money probably being distributed badly, probably my fault,” Ecclestone told media in Austin on Saturday. “But like lots of agreements people make, they seemed a good idea at the time.

“We have to open the eyes of those people in a position to turn the lights on and off to what they need to do. I wouldn’t want to be in a position where I was too strong, F1 disappears and someone says it is because of you it disappeared.”

Ecclestone said that a fairer distribution of revenue could be an option, but he is unsure of what the best way to fix the problem.

“I said to people getting a chunk of money that I would like to take a percentage of their performance-related payment,” Ecclestone said. “I would put that money together to divide among the three or four we know are in trouble but are not going to run away with the money, and then I will put in the same amount of money.

“We have to decide the best way to sort this whole thing out. Frankly, I know what’s wrong but don’t know how to fix it. No-one is prepared to do anything about it because they can’t. The regulations have tied us up.

“I think the situation is such that if enough people want it resolved, we can resolve it. It’s a case of the people that are involved in the sport will have to want to look after the sport and be prepared to make some sacrifices.

“I would tear all the contracts up. Take all the money, pay all the teams’ debts that should be paid so people haven’t suffered because of Formula 1.”

So we will see 18 cars on the grid in Austin as planned, which is good. However, the winds of change are certainly blowing, as put perfectly by NBCSN’s Will Buxton.

The bottom line is that more teams cannot be lost from F1. Marussia and Caterham were big casualties, but the threat of a boycott from Lotus, Force India and Sauber appears to have finally stirred Ecclestone into looking for change and putting pressure on the teams at the very top of the sport to take a step back and see the bigger picture.

NBC/NBCSN SCHEDULE FROM UNITED STATES GRAND PRIX

Ben Hanley relieved to make Indy 500 debut

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Qualifying for the Indy 500 is never an easy task, especially for a new driver and team, and with 36 cars vying for 33 starting positions last weekend, 34-year-old rookie Ben Hanley knew there was a chance he and his DragonSpeed team would not make the show.

“I wouldn’t say we were very confident, but we wanted to [make the field],” Hanley told NBC Sports. “The biggest thing we were trying to achieve was to not be on track on Sunday in the shootout because it only takes one mistake or one little issue and that’s it, you’re not in the race.”

But Hanley would not have to worry about being bumped from the field. He qualified 27th after making three attempts on Day 1, which was enough to lock the No. 81 team into the show. Not too shabby for a driver and team making only their third NTT IndyCar Series start.

THE 103RD INDIANAPOLIS 500: Click here for how to watch, full daily schedules

“That last run everything just came together,” Hanley said. “We trimmed out a little bit more and found a good balance of trim and grip over four [qualifying] laps and it was enough to get us through.

“It was a huge relief to get through in P27. A massive achievement for everybody involved.”

Indeed it was a massive achievement, as DragonSpeed is one of the smallest teams in the garage, with no corporate sponsors and a tiny team of around 20 personnel. Many of those were picked up by the team just a week before qualifying, when members of the team’s regular crew were denied entry into the United States due to visa issues after leaving a sports car race in Italy.

“It was all down to the team organizing some people who were in and around Indianapolis who weren’t needed for the race weekend,” Hanley said. “Obviously, I don’t think many people are going to refuse the chance to work on a car that’s trying to qualify for the 500.”

Though the team made its first Indy 500 on Day 1 of qualifying, the DragonSpeed team did not spend Saturday night out late celebrating. Instead, Hanley said the extra time was spent preparing for the race.

“We went straight on to race prep then for the car, so Sunday was a good day for the guys to take time to prep the car into the race spec and get everything sorted out in a nice, organized manner.”

Following the Indy 500, DragonSpeed will run two other races this season at Road America and Mid-Ohio. The team is hopeful that a good run at Indy will result in an opportunity to run a bigger schedule next season and attract sponsors.

Hanley stated that though he’s happy to have made the Indy 500 starting grid for the first time in his career, the magnitude of his feat hasn’t hit him yet.

“It hasn’t really soaked in yet,” he said. “I think it will soak in on Sunday when we roll out to the grid.

“It was such a huge relief to not be involved in Bump Day. Even just watching [Bump Day] it was intense, especially with the weather. I couldn’t even imagine what it would be like to be involved in that.”

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