Former F1 Boss Calls for a New Championship and Complete Revamp of the Sport Amid Financial Crisis

Former F1 boss Bernie Ecclestone has a peculiar idea to save the smaller teams from the current financial crisis. Ecclestone believes the sport should introduce a completely new championship in Formula 1 that is geared towards the midfield. The Briton also advised Liberty Media to completely overhaul the rules to bring in radical changes.

Ecclestone calls for a new championship in F1

Coronavirus has forced Formula 1 to cancel or postpone 9 races in the 2020 season. We’ve seen no racing so far and we’re already down nine races with more postponements likely to happen. The extended shutdown has created a financial crisis for the smaller teams in F1 which operate on a lower budget.

Lack of racing results in a lack of funds through sponsors. Unless teams compete in race weekends and fulfill contractual obligations, they don’t receive sponsorship money. Thus, the lack of running directly affects car development and future progress for smaller teams.

While the sport has delayed the 2021 regulations by one year, it does not eradicate teams’ problems. The first major change that the midfield wants is a revised budget cap. Smaller teams are currently in the midst of an ongoing battle with the top 3 teams in F1 to lower the budget cap from $175m.

According to the latest reports, teams have agreed to lower the amount of spending to $150m. However, the smaller teams want a bigger reduction to level the playing field and continue their involvement in the sport.

Ecclestone believes these measures aren’t sufficient to save teams from going under. According to the 89-year-old, F1 should create a separate championship with separate rules for the midfield. Speaking to The Daily Mail, Ecclestone said:

“The biggest change I would make is to create a teams’ championship. You would still have the drivers’ championship for everyone and a constructors’ championship for the big four or whatever.

“Then I would give the less well-off teams two chassis, two engines for the season and let them run for £30m a year. I would then have rules and regulations — taking in the weight of the cars and engine capacity — that I knew full well meant the teams with that sort of budget would have a good chance of getting on the podium and with luck win a race.”

“At the end of the year, the team that has done best on that budget would win the teams’ championship.”