There's absolutely no crisis in Formula One, insists boss Ecclestone

Sao Paulo: Bernie Ecclestone denied that Formula One is facing a financial crisis after the loss of two teams, the sport's supremo accusing the failed outfits for bad financial management.

Bernie Ecclestone
Bernie Ecclestone 

Speaking to reporters at the Brazilian GP on Saturday, the 84-year-old Briton, who is commercial ring-master for the sport said teams "come and go" and criticised Caterham's plan to raise cash through crowd funding.

The Marussia team folded on Friday and Caterham are in administration. Both teams failed to show up for the United States and Brazilian GP.

Ecclestone said: "People say F1 is in crisis. Absolute nonsense. We've had a couple of teams in crisis (in crisis). People come and go — they need to know how much is coming in and how much is going out."

He added that he also hoped three more struggling teams — Force India, Lotus and Sauber — would survive and take part next year.

"Maybe the major four or five teams can make a contribution for one year only," Ecclestone said, adding that the creation of a fund could also use the prize money that might have been paid to Marussia this year.

Caterham's administrators have launched a plan to raise GBP 2.35 million from fans to ensure the team can race in the Abu Dhabi season finale.

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