“Formula One has never been affected by recession – but there are one or two teams which always complain,” Ecclestone told F1 Racing magazine. “I think what’s happened is that someone like Eddie Jordan has been saying it’s the end of the world – when these teams aren’t doing well, they tend to start screaming for sponsors.
“The bottom line is that, for the past few months, even before September 11, there has been a drop in ad revenue. But sponsors still want to come on board – they’re calling me up all the time.
“The big problem is that the teams are spending too much money and they’re looking for sponsors to help them out. I’ve been telling the teams for years to curb their spending. Many are overstaffed, and they spend a fortune on testing and R&D [research and development]. Formula One is the best value for money for sponsors – they’re promoted through both TV and magazine. It’s a bloody cheap way of promoting.”
Ecclestone’s comments are unlikely to be welcomed by the likes of Alain Prost who has struggled to find a sponsor despite being the only French outfit on the F1 track. Some sponsors have also indicated that they would end their support for Formula One because of the economic climate.
