Formula 1 – Change For Good
Formula 1, after having gone through a decade of profligate spending, a general lack of eco-consciousness, and manufacturer domination, is currently experiencing a small renaissance. The introduction of eco-innovation, various cost control measures, and the early season dominance of a “privateer” team, has set the tone for a season that is set to be one of the most exciting to date.
The global recession has hit F1 quite hard with ING, RBS, and Honda all withdrawing from the sport, albeit in various capacities and on various schedules. The harsh economic realities have enabled the FIA (Formula One governing body) to push through cost-cutting measures – some of which are enhanced with incentives – in a similar fashion to governments and businesses around the world. These changes have breathed life into privateer teams (those teams that are not primarily funded by a large automotive manufacturer) such as Brawn GP and the 2010 entrant, USGPE (the recently announced American Formula One team). This is just one of the unforseen benefits of the current economic turmoil.