Bernie to stop bankrupting race promoters?

Bernie Ecclestone’s FOM deals with race promoters has bankrupted most of them, requiring them to seek government subsidies

(GMM) Bernie Ecclestone has not ruled out lowering the fees charged to grand prix hosts amid the global financial crisis.

It has been suggested that the races themselves, obviously a major source of income for the Formula One Group, will be hit hard by the recession, with many promoters struggling to make ends meet even before the global turmoil struck.

It is reported that organizers of the Australian grand prix, already controversial due to the losses absorbed by the local Victorian state government, currently pays $47m (24m euros) per F1 race.

Australian journalists late on Wednesday asked the F1 chief executive by telephone if the contract may be renegotiated in light of the new circumstances.

"We will have to have a look. It's a bit early days at the moment. We haven't even started the series yet, so let's wait and see," the 78-year-old billionaire said.