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SBD Global/June 14, 2012/Leagues and Governing Bodies

Ferrari President Says Formula 1 Must Cut Costs

Ferrari President Luca di Montezemelo used the teams website to implore F1's teams and rulers to come together to define methods of saving money as the recession bites hard into Europen economies, according to Kevin Eason of THE TIMES. Montezemolo said, "The world economic situation and that of Europe in particular, is very serious and the world of Formula One cannot ignore the fact." He added: "We cannot lose any more time: we need to tackle urgently and with determination the question of costs." However, di Montezemolo plea will be "greeted with a certain amount of scepticism" since it is widely known that Ferrari will be the biggest winner if a deal is signed for a new Concorde Agreement. Ferrari is in line for the "lion's share of payments." as well as a seat on the board of a new F1 company.  Spain's Banco Santander, the Eurozone's largest bank is one of Ferrari's most prominent sponsors and they just had their long term credit downgraded on Monday by Fitch Ratings (LONDON TIMES, 6/13). German website SPORT1.DE quoted di Montezemolo as calling for "a broader collaboration between the teams in order to negotiate a new Corncorde Agreement that includes a budget cap" (SPORT1.DE, 6/13).
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