Ecclestone working to cut costs

Bernie Ecclestone has said that steps will be taken to cut the costs of Formula One and there are things that can be done to save money. Since the demise of Prost early this year financial problems have been a much discussed topic; recently Eddie Jordan laid off 15% of his workforce in an effort to streamline the team and others have been rumoured to be in difficulties.

"We are taking a good look at the sport," Ecclestone said. "In the end what we will try to do is cut back a bit on technology and the need to spend money. There are a few things you could do to the car that would save money. Each vehicle might go a second slower, but nobody would really notice. If all the teams agree to act in the same way it won't make a competitive difference but it will mean a huge reduction on spending."

Minardi nearly folded after losing a major sponsor until the team was rescued by Paul Stoddart and the smaller teams are the ones most at risk. Ecclestone believes it's possible that more teams will have to close down but although he said it would be sad if they do, it's partly due to them not being run by proper businessmen.

"There is a possibility sooner or later that some of the teams won't make a go of it and are going to put the shutters down," he remarked. "I'd hate to see them disappear but that is how it is. Many of the people running them are enthusiasts rather than businessmen, many would not get a job running any other business. The smaller teams see it as a casino, the more they lose, the more money they need to spend; their will to win gets in the way of reality."

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