Tag Archives: million

HRT wants EUR 40m for dying F1 team

Thesan Capital are seeking € 40 million for the struggling backmarker HRT, according to the Spanish sports daily AS.

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Image Credit: sportinglife.com

The newspaper also revealed that talks with potential buyers from India and Abu Dhabi are underway.

“the time has come for the team to continue growing with new financial backing”.

Rumours suggest that the team were in the process of sacking more than 30 employees, and needed a buyer before the first days of December to survive.

HRT engineers are concerned that Pedro de la Rosa and Narain Karthikeyan are being put into races at the wheel of unsafe HRT cars.

Indeed, at the most recent grands prix in Abu Dhabi and India, Karthikeyan and de la Rosa respectively retired in spectacular style with fundamental technical failures.

Pedro De la Rosa crashed due to brake failure, while Mercedes’ Nico Rosberg was sent airborne when Karthikeyan slowed because his steering wheel “locked solid”.

“Narain told me that his steering broke,” said Rosberg, “and he needed to brake which I didn’t expect in a high speed corner.”

AS suggests that HRT has considered simply withdrawing from the 2012 championship, but is pushing ahead for now due to its commitment to the Concorde Agreement.

According to the report, HRT was hoping its association with Chinese reserve driver Ma Qinghua would bear fruit.

Chief executive Saul Ruiz de Marcos reportedly wrote a letter to China’s motor racing federation, saying Ma would make his F1 debut in 2013 if he could bring EUR 30 million in backing.

Source: Spanish Daily AS and F1zone.net

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Bernie Ecclestone offers $500,000 to whitleblowers

Bernie Ecclestone is offering a half million dollar reward to anyone who blows the whistle on F1 cheats.
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Pushing hard for a £156m ($250m) budget cap, the F1 supremo is offering the reward in a bid to flush out those that attempt to circumnavigate it, should it be introduced.

Whilst offering a $500,000 reward to potential whitleblowers, Ecclestone reveals that the cheats, and team owners and team principals will be held accountable, would be fined in excess of $1m.

“My budget cap allows them to spend what they like on anything within that limit,” Ecclestone told the Daily Express.

“People within teams know if something is going on,” he added. “An incentive of $500,000 might encourage people to speak out.

“I also want team principals and team owners to sign a contract which would hold them personally responsible for cheating and they would have to pay the fines themselves. It makes people think.”

Of course, some might see it as ironic that Ecclestone, himself at the centre of the long running Gribkowsky scandal, is offering a reward in an attempt to flush out the cheats.

Then again, whatever happened to the $1m reward Max Mosley offered, whilst FIA president, back in 2003 as part of his zero tolerance charter in terms of cheating. We never heard it mentioned during the infamous Spygate saga just a four years later.