JULY 26, 1999
Goodbye 12th team
One decision which we expect to be taken is for the twelfth F1 franchise - which was to be taken by Honda - to be cancelled. Although FIA President Max Mosley said recently that the slot remains open but anyone wanting to take it up will have to pay a huge bond of around $25m before being given the opportunity.
No-one has come forward to take the place of Honda and the fact that there is a gap means that the value of the other 11 teams is reduced. Getting rid of the 12th team would solve that problem, forcing anyone with plans to enter F1 to buy one of the existing teams rather than starting up a new one. It also means that in the long-term teams will make more money as the TV fund will be divided between 11 rather than 12.
Formula 1 team owners do not usually vote against provisions which make them more money...