28 Oct 2014

F1 financial crisis deepens

8:15 am on 28 October 2014

Formula One's financial crisis has come to a head with backmarkers Caterham and Marussia going into administration, leaving only nine teams in the paddock, and two of them, Sauber and Force India are on shaky financial ground.

Caterham Formula One team

Caterham Formula One team Photo: PHOTOSPORT

Speculation is also swirling around Lotus, who have had serious financial problems.

The former president of the sport's governing body Max Mosley proposed four years ago the introduction of a budget cap, but that move was blocked by the big teams, preserving the status quo of a less than level playing field.

Formula One has seen more than 120 teams come and go, with Ferrari the only one to have stayed the course since the championship started in 1950.

51 teams never scored a point.

Now under the former Ferrari boss Jean Todt, the governing body announced last year that a cost cap would be introduced for 2015.

In April, Todt said the plan had been dropped because the leading six teams did not believe it was viable.