13th Formula One team for 2011 must pay a €19 million deposit, says

Article by Christian Andrei, on September 8, 2010

A €19 million deposit is what the F1’s unidentified 13th team for 2011 has to pay, according to F1 chief executive Bernie Ecclestone. Instead of a $48 million bond, the sport has decided to reduce the requirement in order to draw in new teams. 

Ecclestone said that the newcomers even get a multi-million startup fund. A report from London’s Evening Standard said that the last spot on next year’s grid will only be given to a team that can establish that it has sufficient funding.

Very recently, a report came out that FIA president Jean Todt’s son Nicolas has withdrawn the 2011 application of his GP2 team ART.

But it’s believed that other parties, including US group Cypher and Spanish Le Mans team Epsilon Euskadi, and the Serbian hopefuls Stefan GP, are still interested. Ecclestone said that he has informed them that if they’re unable to put up 16 million (British pounds) now, they can’t join.

It’s probable that Ecclestone is being firm about this requirement as he has observed the performance and pace of new teams Lotus, Virgin and HRT, which he says he is “not happy” about. [via f1sa]

Topics: formula 1

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