F1 feeder series follows and cuts costs

  • Other Sport
  • Tuesday, 27 Jan 2009

MADRID, Spain (AP): Formula One's feeder series announced cost-cutting moves Monday designed to cope with the global economic crisis.

The GP2 series will followed F1's suit and trim technical and sporting costs.

"We cannot ignore the world's financial crisis that affects us all. We need to make sure we can go through the present delicate time by finding solutions both in the technical and sporting areas," GP2 head Bruno Michel said.

GP2 said overall costs will drop, specifically through less expensive car parts. The series has halted wind tunnel testing and decided that regular testing will cease after the first race of the season.

Teams will also have to cut 13-member staff down to 12 for the second half of the season. GP2 is also ready to extend an "exceptional credit" to teams if needed through spare parts.

F1 has already implemented a series of cost-cutting measures expected to curb costs by up to 30 percent after Honda pulled out of F1 in December due to the economic downturn.

F1 champion Lewis Hamilton of McLaren, as well as current drivers Nico Rosberg of Williams and Renault Nelson Piquet Jr., emerged from GP2.

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