Lotus owner Gerard Lopez believes the penny has finally dropped at the highest level with regard to Formula One’s latest financial crisis.
F1 supremo Bernie Ecclestone and Donald Mackenzie, co-owner and co-chairman of commercial rights holders CVC Capital Partners, called a meeting with Lopez, Force India co-owner Vijay Mallya and Sauber team principal Monisha Kaltenborn yesterday.
The meeting followed on from a letter issued by the trio earlier this week again calling for a fair and equitable distribution of F1’s $900 million revenues. Crucially, the trio suggested “a questionable cartel” was at work in F1, wording which Ecclestone dismissed as “complete and utter rubbish” but which could yet lead to the possibility of an EU investigation.
Entrepreneur Lopez said: “I’ve dealt with the EU in two of our businesses – and I’m not sure whether or not something is going to happen (with F1) – but you do not want the EU to get involved in any business.”
Two teams in Ferrari and Red Bull received $330m last season, with the three small teams earning only half that between them.
This season costs have escalated following the introduction of the new 1.6-litre V6 power units, with Lopez suggesting to Ecclestone and Mackenzie F1 had become “a money race” in which his team, Sauber and Force India cannot compete.
“What got their attention is that when CVC took over the sport it was generating $245m for the teams, and it’s now generating close to $900m, but it’s almost in a worse state than it has ever been,” said Lopez. “Obviously it gets their attention because it’s $900m that’s being badly spent. It’s one of the first times where you really felt somehow that with some key people the coin has dropped.”
It has become the case whereby the big teams have so much power they are able to overrule the sport’s governing body, the FIA, on issues.
Drawing an analogy, Lopez said: “If you take the Premier League it’s as if Chelsea, Manchester United and Manchester City make all the decisions, get more money to make those decisions and force you to buy a superstar.
“We all play with Ronaldos and Messis – even though we don’t need them, because somebody else thought it was a good idea – only we don’t get the money to play them.”
