This year has been terrible! In fact 2020 will be a year that many would happily try and forget.
The covid-19 crisis has effected millions in many different ways. With businesses going bankrupt and thousands losing jobs, what are the effects seen within F1?
With the season about to get underway there has been a lot said about the social distancing measures that will be in lace. Races will be having no spectators, no podium celebrations, teams kept completely separate and even post race interviews being done through Skype and zoom calls. It’s all been planned and ready to go ahead.
All has changed, but it seems there could be more come. With Williams going into the COVID situation with already founded financial troubles and McLaren seemingly also struggling financial. The situation has only made things worse. What is being done?
The scenes at McLaren aren’t great. Only a matter of days ago it became known that the company will be looking to sell a stake of its formula 1 team, and now they are looking to use their factory and historic car collection to earn much needed funds to keep the team going. But it’s not all that simple, with existing creditors claiming the things they are wanting to sell are already collateral for a loan the company took in 2017.
Then at Williams, a decision was made to sack sponsors ROKiT. The apparent reasoning being due to a lack of funding and support (It seems the sponsor wasnt quite “sponsoring”). Which means they are out on the hunt for the much needed financial support too. With changes coming regarding the rules of F1, maybe both teams could survive?
2021 brings financial caps and extra help for the struggling teams. Including reduction of wind tunnel time for the top teams and increases for teams at the bottom of the table. But the most important change financially, is the budget cap. With an introductory cap of £145mil (to be reduced each year, for the next few years), it will certainly help reduce the pressure of keeping up with the big teams like Merc.
The history of F1 is built on the success of teams like Williams and McLaren, so to lose them due to financial issues, would be a huge shame.
So do you think Williams and McLaren can survive? Or are the years to come going to see these historic teams fall from F1?