7 million euros will be missing from the budget of F1’s governing FIA in 2011.<\/p>\n
A report in the British Express newspaper claims the shortfall is due to the expiry of a fourteen-year run of annual fees paid by Formula One Management, headed by chief executive Bernie Ecclestone.<\/p>\n
The deal, in which the sport’s commercial rights were handed over to Ecclestone, was signed in 1997.<\/p>\n
The report said the 7 million loss represents 15 per cent of the FIA’s 48m annual budget, while the commercial rights generate almost a billion euros every year for FOM.<\/p>\n
Experts said the FIA might have to revert to raising fees such as those paid by F1 drivers for their super licenses.<\/p>\n
But a spokesman for the Paris-based Federation said: “I can’t give you the detail but it is not the case (that there is a hole in the budget).”<\/p>\n
The FIA raised nearly 12,000 euros during the British grand prix weekend, mainly by imposing fines on F1 drivers for speeding.<\/p>\n
Pedro de la Rosa’s 4,200 fine was the biggest for speeding, while Toro Rosso was fined $5000 for unsafely releasing Jaime Alguersuari into the pitlane.<\/p>\n
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