December News Digest - I

Articles in this Topic Discussions in this Topic

Dec 4, 2001

Formula One entered December with a shiver as the winter set in and also the news of a rival Formula One series which sent shivers down the spines of many F1 officials. The major teams in Formula One, BMW, Daimler Chrysler (Mclaren), Jordan and FIAT (Ferrari) have asked for an increased stake in the TV telecast rights for Formula One events. Bernie Eccelstone, who virtually owns Formula One, was quoted as saying that they already get a hell of a lot of money from the rights and such a rival series wont give them even half the income that they presently get. The rival group has been reported to announce FIAT's head as their chairman to plan and oversee the developments in their endeavor. Meanwhile many smaller teams have expressed concerns over these developments saying that they were potential threats to the ongoing series and would turn away already scarce sponsors from the sport due to the prevailing uncertainty. Recently Arrow' team boss Tom Walkinshaw was quoted as saying that the rival series threat can have a negative impact on sponsors who might refrain from the sport due to uncertainty. He also called upon everyone to find a amicable solution so as to get things back in place and create an environment in Formula One which would attract sponsors. Orange Arrows is reported to be the other team from Prost, suffering from lack of sponsors and financial debts. Prost has already gone into receivership in November due to debts in the tune of $30 million.

Meanwhile Prost, who are desperately seeking bids to help them make it to the Australian PG in March 2002, have still not received any offers. Alain Prost, the former World Champion was to submit the offers to a French Court this week but was reported to have said that there were no offers made to revive his team's financial crisis.

European Minardi Aviation, the company behind Minardi, the minnows of Formula One, have changed their name for the 2002 season. It is said that, to increase their popularity in Malaysia since the arrival of Malaysian driver Alex Yoong and engine provider Asiatech, they will enter the 2002 season as Minardi Asiatech. The title change came as a welcome to many Malaysian fans and aspiring F1 drivers in the eastern world. The team had a very good season according to their standards with many top ten finishes thanks to the brilliance of Fernando Alonso. Minardi also out qualified comparatively stronger teams like Arrows and Bennetton on a regular basis with some fine performances. Alonso, who spearheaded Minardi's campaign in 2001, was recently signed by Renault, Bennetton's successor, as a test driver for 2002.

Go To Page: 1

The copyright of the article December News Digest - I in Formula One Racing is owned by Anand Janefalkar. Permission to republish December News Digest - I in print or online must be granted by the author in writing.