Ecclestone: What credit crunch?

Eurosport - Sat, 09 May 10:56:00 2009

Bernie Ecclestone said the global credit crunch was coming to an end at the launch of a Formula One-branded credit card at the Spanish Grand Prix.

FORMULA 1 2009 Ecclestone - 0

"People keep talking about this credit crunch, and we're coming out of it, we're not going into it," the sport's commercial supremo said after a function late on Friday.

"I think we are overdoing this recession business. We are talking ourselves into trouble rather than out of it," added the 78-year-old billionaire.

"I think it's going to get better. It's more than a correction but its probably cleared out a lot of people that shouldn't have been there in the first place."

Spanish Grand Prix organisers are expecting attendance figures to be down this year, with the crowd noticeably thinner for Friday practice, although they are still hoping for more than 100,000 on Sunday.

Several high-profile sponsors have pulled out of the sport this season, or announced plans to do so, and Japanese manufacturer Honda has also departed due to the global financial situation.

"In the current economic climate, consumers are more thoughtful about their spending habits," said Corpcom CEO Hischam Telib, explaining the rationale behind the card.

"The F1 card will reward fans by providing exclusive benefits and services that translate into real-world savings."

While Ecclestone was encouraging fans to spend more, he and the sport's governing International Automobile Federation want the teams to spend less.

The FIA has announced plans for an optional £40 million cost cap next year, with teams that accept it given greater technical freedom than those on unlimited budgets, to encourage new entrants and keep existing ones.

"We are trying to save them (the teams) from stupidity," said Ecclestone. "All we are simply doing is to try to reduce the necessity to spend to be competitive.

"They can spend what they like, pay the drivers what they want, have bigger and better motor homes but we don't need them to spend money on racing unnecessarily."

Otherwise, Ecclestone said, the manufacturers would cut the budgets anyway by walking out.

He played down fears that the budget cap could result in a two-tier championship, saying he was sure there would ultimately be a level playing field.

"They (the teams) can pay the drivers more, if they've got money they want to get rid of that's the way to do it," he declared.

Reuters

Comment 9 - 28 of 28

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  1. This seems one of those rare occasions when everyone is­ in agreement. Poor judgement from Ecclestone but it­ wont bother him any criticism.

    From Peter, on Sat 9 May 9:12PM

  2. Well said Helen

    From Reefgirl, on Sat 9 May 8:16PM

  3. WHAT A C*CK YOU ARE,MOST OF US LIVE IN THE REAL­ WORLD,IT'S A SHAME YOU DON'T.

    From clive, on Sat 9 May 8:01PM

  4. what ever bernie,not all of us have a few million in­ the bank.you tell people that have just lost their jobs­ that there is no credit crunch.you mindless fool.

    From clive, on Sat 9 May 7:56PM

  5. good point helen not many people give them a mention­ but they are the back bone really .

    From P, on Sat 9 May 7:54PM

  6. Actually I would like to see them pay the drivers less­ and the chaps in the factories more. That way the money­ would go into a local economy and help out in the­ credit crunch. Afer all after your first million surely­ you have everything you need? As for launcing a credit­ card at the moment - well the words out of touch seem a­ little light. People who are keeping this man in­ billions by going to races and watching on tv, are­ lucky if they can sell their houses or get mortgages at­ the moment, so this is surely just an elitest thing

    From Ellie, on Sat 9 May 7:35PM

  7. Post number 4 says, "In the picture above Bernie­ is not holding his hand out to give it's there to­ take!"
    I prefer to believe that it is the hand of­ reason about to slap him hard in the face.

    From Display, on Sat 9 May 6:56PM

  8. That's OK then. Bernie has said that the financial­ crisis is over. Must pop out and tell Tom Wheatcroft­ and maybe he will get the unpaid rent on Donnington­ from Bernie's pal who does'nt appear capable of­ arranging an egg and spoon race, let alone a Grand­ Prix.

    From Nicola, on Sat 9 May 6:20PM

  9. yeah he does not think before he speaks , lots of­ people out their trying to make ends meet , stupid old­ git he should come and meet someone who has just lost­ his home .

    still 78 he wont be around long ,,,,, GOOD

    From P, on Sat 9 May 6:01PM

  10. I would like to see Bernie, appear on the secret­ millionaire.

    From paul t, on Sat 9 May 5:37PM

  11. I am sure that we all know Bernie lives on a different­ plant . If you didn't you do now .

    From kj35tfe, on Sat 9 May 5:21PM

  12. let him say that face to face with some person that has­ just lost it all with kids to support.
    the sooner he­ goes in the oven the better.

    From William S, on Sat 9 May 5:14PM
  13. Comment hidden due to its low rating. Show

    art art art if you wer barnie you woud do tha same­ thin cause if ya didnt you woud be poor . just lika you­ are now. lookin at yer twp bank acounts i thin barnie­ is much smatar than you art

    From Francis S, on Sat 9 May 4:17PM

  14. Now you know why the plonker is only interested in­ putting on Government funded Grand Prix :-)

    From art_tidesco, on Sat 9 May 4:00PM

  15. The irony of a billionaire, insulated from what the­ credit crunch means to the little people, has never­ been so clearly demonstrated as with this statement.­ Words fail me.

    From markrose260, on Sat 9 May 3:35PM

  16. "What credit crunch?"
    I guess you havent­ noticed, that the pockets you are picking are not as­ well off?
    I suppose you just pick more pockets to make­ up the difference!
    And by the way, you ugly lttle­ dwarf. You will not get the Royalties from "Lord­ Of The Rings" DNA proves Gollum was not your son!!

    From Walking quiet, on Sat 9 May 3:27PM

  17. so thats he angle is it. try to make it seem that with­ the budget cap the drivers will get paid more and have­ more luxuries because their team is spending less on­ the actual racing...there for have more money to spend­ on them lol. come on bernie, trying to get the drivers­ on ur side isnt goin to work. they get paid enough as­ it is already.

    From stagga, on Sat 9 May 3:13PM

  18. Francis S, as I have stated on previous blogs, too many­ companies are making massive losses. It will be a very­ sad day if more team pull out of F1 because of what is­ happening around the world. These companies can not­ keep throwing millions at F1. Honda left because they­ have made a major loss world wide and they did not want­ to spend millions on F1 whilst still making massive­ losses. You say (you dont­ relly care johny jus as long­ as yer brawn buffons ca­ stil race .) I have followed­ JB since he started in F1 and I like many others have­ stuck by him and we are pleases to see that his loyalty­ has paid off. He could have left F1 years ago, but he­ is someone that still want to compete and win races. ­ Many others would have cried about what has happend to­ them, but he has held his head up and kept battling.­ You keep having a go at us Brits, just to remind you­ that there are 5 GERMANS racing, 3 Brazilians, 1 Swiss,­ 1 Japaneses, 2 itialian, 1Spainish, 1 Austrailian, 1­ Pole, 2 Finns and 2 British drivers

    From Johnny Bop, on Sat 9 May 3:01PM

  19. WITH ALL HIS MONEY HE WOULD NEVER KNOW WHAT A CREDIT­ CRUNCH IS
    HE PROBIBLY THINKS A CHOCOLATE BAR OLD GITT

    From Carol F, on Sat 9 May 2:49PM

  20. The man is trying to milk the fans more through this­ credit card with their outrageous charges and those­ small print in clause. My advice to you out there is to­ shun this card because by taking it you are enriching­ this muppet.

    From dapfash, on Sat 9 May 2:42PM
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