Teams want more money from new F1 owners
Team principals hope F1's new owners will make better payment deals
It is no secret that Formula 1 is one of the most expensive sporting competitions in the world, because of the emphasis on research and technological innovation.
It was, therefore, no surprise that money dominated Friday night's FIA press conference among F1 team principals at the paddock area of the Singapore Airlines Singapore Grand Prix, where they were quizzed on their wish lists with the entry of the sport's new owners, Liberty Media.
"It's pretty simple actually, more money for the teams, lower prices and bigger distribution of cash for all. But that probably isn't going to happen any time soon," said Red Bull head honcho Christian Horner.
The current payment deal that each team signed individually with the Formula One Management will run till 2020, and comprises a complicated structure that involves heritage payments, constructors' championship bonuses, as well as extra payments for teams that sign the deal early.
For example, Ferrari will receive US$192 million ($262.7m) this year, the most among the 11 teams, despite finishing second to Mercedes last season.
A more even distribution of money, as well as cost-cutting measures, will help mid-tier teams such as Force India and Sauber be more competitive in races, Sauber's team principal Monisha Kaltenborn said.
"First of all, we'd like to understand the strategy they want to take with regard to Formula One," she said.
"For us it's important they look at the product and achieve some kind of competitive parity - which means not only more money, or redistribution of money, but also looking at the costs.
"We don't see why that shouldn't happen soon. For us, there's no need to wait that long."
The team principals hope that American company Liberty Media, which will take over CVC Capital Partners as the controlling shareholder, will help the sport make some headway in the social and digital platforms and make money from these avenues, as well as break into the American market.
Horner said: "What we've heard so far sounds very positive.
"They are obviously part of a very serious group and I can't believe a company like Liberty would buy into Formula 1 at the value that it is rumoured to have been purchased at without having a long-term game plan.
"Rather than having a venture capitalist or a financial institution buying into the sport, I think it's far better that a company like Liberty has bought in.
"We'll wait to hear what their plans are in detail but everything we have heard so far has been very positive."
Following his statement, the other team principals - Ferrari's Maurizio Arrivabene, Renault's Cyril Abiteboul, Haas' Guenther Steiner, Mercedes' Toto Wolff and Kaltenborn - all echoed their agreement.
Wolff added: "There is nothing more to add - Christian summarised it all. We rarely agree, but this time I am 100 per cent on the same page."