F1 needs "a safety net" to prevent future disasters

Formula 1

F1 needs "a safety net" to prevent future disasters

F1 has been hit by the credit crunch and Covid-19 in 12 years

Ian Parkes

Tuesday 23 June 2020 16:03

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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.

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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."

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