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921 views Feb 1, 2009

Feb.2 (GMM) Bernie Ecclestone has called for "patience" while the effects of the global financial crisis on the world of formula one become clearer.

Amid frantic cost-cutting, diminishing sponsor dollars, the wavering commitment of carmakers and reports of loss-making grand prix promoters, the F1 chief executive admitted that "everyone" will be affected by the drastic economic slowdown.

But on a visit to Valencia, the 78-year-old billionaire defended the health of his empire.

"We have many sponsors and we believe that the other teams will continue," Ecclestone is quoted as saying by the newspaper AS.

As the teams cut costs and the FIA mandates new regulations, Ecclestone was asked whether he will preside over some measures to tackle the situation: such as lowering ticket prices and reducing the fees paid by struggling race organisers.

On the first point, he answered that promoters set their own ticket prices and that attendance at grands prix is strong.

And as for helping struggling races to survive, Ecclestone said the financial crisis "affects everyone and everyone is going to suffer".

"Nobody knows how it is going to turn out so we should probably all be patient," he added.