Feb.5 (GMM) Disgruntled F1 race promoters are making their own joint efforts to cut costs.
Recently, 16 of the sport’s 21 grand prix hosts banded together to form the Formula One Promoters’ Association, and threatened to quit F1 over Liberty Media’s management.
Their big gripe is the race fees charged by Liberty.
Now, F1 business journalist Christian Sylt reports that the circuits are cutting costs on their own.
Writing in the Evening Standard, Sylt said the promoters are going to “pool” their mandatory insurance cover rather than stick with their current individual policies.
A source said: “At the moment the 21 races have to contract insurance cover individually and it costs a fortune. It’s the same cover so one single broker in London could and should do it.”.