Formula 1

The FIA, motorsport’s global governing body, has waded into the crisis surrounding Formula One teams Caterham and Marussia by stating their slide into administration reinforces the need for cost-cutting measures in the sport.

Administrator Smith & Williamson has taken full management control of the beleaguered Caterham Formula One motor-racing team.

The future of Formula One strugglers Caterham remains unclear after a day of claims and counter claims between the motor-racing team’s current and former owners.

Embattled Formula One motor racing team Caterham has dismissed fresh concerns over its future after an administrator laid claim to its race cars and warned they could not leave the factory without his permission.

Madrid has emerged as the latest potential destination for a Formula One race with the motor-racing series’ chief executive Bernie Ecclestone said to be in advanced talks with a group of Spanish businessmen, according to El Confidencial.

Formula One chief executive Bernie Ecclestone has said the motor racing series is in talks to return a race to the streets of Las Vegas.

Formula One has reported profit of $530.7m (€423m) for 2013, while the motor-racing world championship’s chief executive, Bernie Ecclestone, has played down speculation that CVC Capital Partners is actively seeking to sell the series in the coming months.

International Cycling Union (UCI) president Brian Cookson has confirmed the governing body has not received a WorldTour application from the proposed Fernando Alonso Cycling Team (FACT) for the 2015 season, but believes the outfit could still race at the second-tier ProContinental level.

Formula One’s main shareholder CVC Capital Partners has “revived talks” with advisers about an initial public offering (IPO) of the motor-racing series, while the position of chief executive Bernie Ecclestone has come under increased scrutiny amid reports he has been denied a place back on the board of the sport’s parent company Delta Topco.

Increased payments to Formula One teams led to a fall in operating profit for the motor-racing world championship in the year to December 31, 2013, according to Forbes.

Formula One will run its equal longest schedule in 2015, with the Mexican Grand Prix handed a date of November 1 on the 20-race calendar for its return to the motor racing series.

The 2014 Australian Grand Prix Formula One motor race posted a record loss of A$59.97m (€43.2m/$55.85m), Victoria state government officials have confirmed.

Ferrari chairman Luca di Montezemolo has ended days of speculation over his position by announcing today (Wednesday) that he will step down from his role at the Formula One motor racing team and car company.

Russian Grand Prix organisers have sold two-thirds of tickets for Sochi’s inaugural Formula One race, with promoter Sergey Vorobyev stating security remains a “priority issue” for the event.

Greece is interested in securing a Formula One grand prix, according to the motor-racing world championship’s chief executive, Bernie Ecclestone.

Formula One chief executive Bernie Ecclestone has vowed to continue at the helm of the motor-racing series for as long as possible after he agreed to pay $100m (€74m) to bring an end to his bribery trial.