Marbury Honored On China's Stamp Argentina Losing Hooliganism Battle Qatar F1 Race Hopes Remain Distant DEB Avoids Bankruptcy, Includes Pro Clubs Thai Businessman To Take Over AC Milan Tokyo Faces Major Redevelopment Executive Transactions UAE To Bid For 2021 Rugby League WC SPFL To Delay Decision On Playoff Dates ARU Reports A$6.3M Deficit For 2014
SBD Global/November 5, 2012/FinancePrint All
After three more or less successful seasons in F1, Mercedes "reportedly plans to increase the budget of its F1 team by about 30% in '13," according to AUTO BILD. Newly appointed non-exec Chair of the team’s board of directors Niki Lauda "has reportedly convinced company management that success will only come with a little more budget for the Brackley, England-based team." Mercedes will reportedly increase the budget of its F1 team by £35M ($56.1M) or about 30%. According to the company's '11 business report, the revenue of the Mercedes F1 team was £114.9M. This number is considerably less than Red Bull's, for example. Red Bull spent a total of £392M with 45% of it for Red Bull Racing and the rest for Red Bull Technology. In '11, the Mercedes F1 team made a £10.6M loss before taxes (AUTO BILD, 11/4).
Paris City Hall will end its annual subsidy to Ligue 1 Paris St. Germain, according to Boris Cassel of LE PARISIEN. In a memo that will be presented in a meeting scheduled for Nov. 12 at the Council of Paris, the city will reveal the news. Le Parisien was able to obtain a copy of the memo, and the following reasons were given for the ending of the subsidy: "After careful consideration of the situation of the club, and in accordance with its leaders, it appears that maintaining a municipal grant to PSG is neither necessary, nor appropriate in a context of fiscal restraint. From '12-13, the club will continue its efforts on its own without financial support from the community" (LE PARISIEN, 11/1).