F1 needs "a safety net" to prevent future disasters
F1 needs "a safety net" to prevent future disasters
Guenther Steiner has called on Formula 1 bosses to ensure the sport has "a safety net" to guard against future crises.
While no-one could have foreseen the impact Covid-19 has had globally in less than six months, it is the second financial disaster to strike the world economy in 12 years after the credit crunch of 2007-08. On that occasion, Toyota and BMW pulled out of F1.
At present, ahead of the new season, Williams is up for sale, the McLaren Group is being forced into drastic financial restructuring to avoid the potential threat of insolvency, while Haas has yet to reveal whether it will remain in F1 beyond this season.
Suggested to Haas team principal Steiner that the situation surrounding Williams and McLaren highlighted the fact that measures should have been in place years ago, he replied: "We shouldn't react, we should be a little bit more forward.
"What I hope to take out of the pandemic this year is that we need to have a little bit of a margin, a safety net. We didn't have anything. We just run into it [the current crisis].
"The good thing is nobody panicked. Now at least everybody is thinking about how to do things right."
While certain measures are in place, such as the budget cap, a delay on the introduction of the new wide-sweeping regulations and a more equitable share of F1's prize fund, Steiner feels more will need to be done to protect teams from exiting the sport.
"Hindsight is always a beautiful thing, as you know," added Steiner.
"But it's like [saying] this is not sustainable now because as soon as anything happens there is not enough reserve fuel in the tank, let's say this.
"It's always too late. The budget cap should have been done a few years ago when it was suggested.
"But I hope we can get out of this and we are not in this position again, that we learn, and keep some reserve fuel in the tank because this can happen any day.
"I think going forward they [Williams and McLaren] are good teams, and there will be a good opportunity for somebody out there now to do a deal with them."
Before you go...
Vettel back on track as Ferrari hit Mugello
Zanardi to remain in an induced coma through to next week
Related
Change your timezone:
Latest News
Audi agree STAR driver contract as Mercedes driver tipped for new F1 seat THIS season - GPFans F1 Recap
- 31 minutes ago
Ferrari show off new-look drivers following HUGE announcement
- 1 hour ago
McLaren leading fight for HUGE cash injection
- 2 hours ago
Newey set to announce STUNNING Red Bull departure
- Yesterday 17:57
Newey Red Bull exit wish CONFIRMED as F1 guru's reasons revealed
- 3 hours ago
F1 legend reveals 'FLOOD' of death threats after controversial decision
- Yesterday 19:57
Related news
F1 reveals viewing figure drop for European based 2020 season
Pirelli boss hails "miracle" despite "nightmare" 2020
Survival the only positive for Haas from dismal 2020 - Steiner
Ricciardo reveals internal pressure for podiums during time with Renault
F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860