FEBRUARY 14, 2003

F1 entry fee to be axed

FIA President Max Mosley is expected to propose to the Formula 1 Commission that the $48m bond for new teams entering the Formula 1 World Championship be axed to help newcomers come into the sport to replace teams which have failed or are in the process of failing. The rule was introduced in October 1999 to ensure that teams would honour their commitment to join the World Championship after Honda changed its mind at the last minute and cancelled plans to run its own factory team.

The removal of the $48m bond should in theory at least open the way for new teams to enter F1 although other costs will need to fall if there is to be any real hope for the ambitious in Formula 3000.