Spending cuts likely for GP2 series

Just like Formula One, the GP2 racing series will also have to make cuts in budgets and personnel this season due to the ongoing global financial crisis, GP2 boss Bruno Michel said.

The GP2 series, which replaced Formula 3000 in 2005, is in its fifth year with 26 drivers taking part in this season’s opening race in Barcelona on May 9.

“At least the teams have very good marketing policies in place," said Michel. “We find ourselves in a healthy position."