Pit Stop | Pit Stop: Teams going bust signal bigger woes
F1 owner CVC Capital has reaped billions in profits since 2006, but it's time the firm took better care of its ailing golden goose
The news that two Formula One teams have gone bust cannot have come as a surprise to anyone with even half an interest in the sport. Perhaps the only slightly shocking fact is that a couple have called in the administrators in the space of a week.
In the past, this column has predicted financial meltdown in F1 unless big changes are made. Formula One might dance the dance with the financial big hitters, but even this sport needs a proper business plan.
It is sad that Caterham and Marrusia will miss at least the next two races in the United States and Brazil. Their hundreds of workers, from drivers to cleaners, must be wondering if they will have a job come Christmas.
It is sad that fans in Austin, Texas, and Sao Paolo will get to see just 18 cars on the grid - the fewest since 2005.
Just imagine how different the sport might be if just a fraction [of the profits] had been given to the teams and tracks
What is even sadder is that the powers that be cannot get a grip on a sport that is floundering. When the news broke, Bernie Ecclestone said he could do what he could to help the teams out. This seems to have boiled down to letting them off the American and Brazilian Grand Prix without fining them for breaking their contracts.
Those of us who love the sport were hoping it might boil down to more concrete action. As the remaining cars assemble in Texas, one American legend of the sport has made it clear what he feels should happen.
