F1 News, Reports and Race Results

F1 race promoters stepping up efforts to reduce fees - Wolff

Toto Wolff believes that in the future Formula 1 will no longer be able to rely on the massive franchise fees paid by race promoters as a remnant of the Ecclestone era.

Several venues have already sought better terms with commercial rights holder Liberty Media, and the trend is set to persist following a meeting between Formula 1's managers and race promoters last weekend in Monaco.

Baku, Russia and Abu Dhabi intend to negotiate a lower race fee for their event, Hockenheim is holding out on a new deal while the future of the British Grand Prix is in jeopardy after Silverstone ended its contract with the sport.

According to Mercedes boss Toto Wolff, the disruption will only continue.

"Paying for the right to have a race is one of the three main sources of income under the previous business model that Bernie created," he said in Monaco.

"He had an exceptional talent for making these contracts. He knew how to squeeze every last cent out of them for the benefit of shareholders and the teams.

"But I'm not sure it was an entirely stable and economically justified business model," added the always astute Austrian.

Wolff is confident however that Formula 1's managers are taking the changes into account, and will adapt and improve F1's business model accordingly.

"Some promoters found themselves in a very difficult situation, so it is understandable that when the regime changes, they will seek a review," he said.

"But I'm sure that the leaders of the championship will find the right solution and be able to agree with the promoters.

"What is clear is that in future this income item will bring in less money, so it is necessary to develop areas such as digital technologies and other alternative sources."

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