Honda exit could mean more income for teams

Jan.20 (GMM) Formula one teams may actually benefit financially if a buyer is not found for the entrant currently known as Honda, according to the Financial Times.

An unanimous commercial contract, known in formula one as the Concorde Agreement, is currently not in effect, meaning that the sport is being governed by an interim 'memorandum of understanding'.

An insider told the FT that the document provides that "all money be distributed, even if there are fewer than 10 teams".

In interview with the FT, F1 chief executive Bernie Ecclestone said the memorandum is not, however, legally binding.

He therefore warns the teams' unified alliance, FOTA, not to push too hard in demanding that Ecclestone apportion more of the sport's income to them.

"We don't need to pay more. We've got to give them less," he said.

The FT said Ecclestone warned that if the teams continue to delay signing a new Concorde, they risk losing the millions of dollars that would have been earned by Honda in 2009.

And he said: "They could ask for more money but they won't get it."