Ecclestone to discuss financial crisis with CVC

Bernie Ecclestone to talk to CVC about financial crisis

Bernie Ecclestone to talk to CVC about financial crisis

Formula 1 boss Bernie Ecclestone will hold talks with commercial rights holders CVC next week in a bid to find a solution to the financial crisis affecting the sport’s smaller teams.

A meeting involving representatives from each team was held at Brazil’s Interlagos circuit on Saturday to discus F1’s finances but a resolution was not forthcoming.

Lotus, Sauber and Force India had been hoping for a new base payment initiative to be ratified, which would see each outfit receive enough funds to reach a minimum budget to compete.

Ecclestone said during a media briefing at Austin last week that the best solution to the financial crisis would be for the F1’s bigger teams to sacrifice a portion of their income to the smaller operations.

Although the meeting ended in stalemate, Ecclestone is now set to speak to CVC co-chairman Donald Mackenzie to discuss a way forward.

“It is unlikely that progress will be made in such a short period of time,” said Force India boss Vijay Mallya.

“He (Ecclestone) just said ‘I’ll talk to Donald (Mackenzie) next week and get back to you’. That’s it,”

“He recognises that the three smallest teams require to get more money in one form or another,” added the Indian entrepreneur.

“We presented our case, he said he’d talk to Donald and get back to us. And I’ve heard this before. So the option is to just wait and watch.”

Minnows Marussia closed its doors this week after failing to attract a new buyer, while Caterham remain in administration.

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