F1 confronts economic crisis

Fromula One is weathering the eye of a crippling financial storm with a raft of remedies proposed to safeguard its reputation for compelling sports theatre.

There's no doubt that Lewis Hamilton's nerve-shredding final lap at the rain-soaked Brazilian Grand Prix, which made him the youngest ever champion, provided a gripping finale to the 2008 season, but the intervening months have seen a sport, forever associated with big money and lavish lifestyles, forced to confront the growing global economic crisis and question its previously carefree existence.

Honda's shock decision to pull out of the sport sent shockwaves through Formula One which were only partly eased when former Ferrari technical chief, and Honda principal, Ross Brawn led a management buyout to save the team.

For Max Mosley, the head of the international motorsport federartion (FIA), the saga only served to highlight the importance of the technical and sporting changes which have been introduced for the season which starts in Australia on March 29.

Keen to boost overtaking and the overall spectacle, slick tyres have been reintroduced while the controversial Kinetic Energy Recovery System (KERS) system can be utilised to boost performance.

Under the system, stored energy is made available to the driver via a 'boost button' on the steering wheel. Modifications have also been made to aerodynamics.

To make cost reductions, rev limits will be cut from 19 000 to 18 000 rpm and drivers must now use the same engine for three, rather than two, consecutive events.

Furthermore, testing will be banned during the racing season.

The Formula One Teams Association (FOTA) has also proposed a further cut in engine costs to five million euros per team and a further 50 percent reduction in costly aerodynamic testing.

In a bid to boost audiences, FOTA also wants to see race winners earn 12 points instead of 10, while real-time race data currently restricted to teams would be opened up to television.

Once the cost-cutting is secured, the teams want to focus on boosting revenue and value for TV audiences, with more points scoring in 2010 such as for the fastest pit stops, and shorter races -- up to one hour and 40 minutes long.

"This year is crucial. If we hadn't done this cost saving I think it was difficult for many teams to maintain activities in Formula One," said FOTA chairman Luca di Montezemolo.

"Our goal is that we have a budget saving of 50 percent in only two years."

On the track, Hamilton will be amongst the favourites despite his problems in testing where he has been worryingly off the pace.

Interestingly, it's Brawn who have been brash in testing, dominating the time charts in Barcelona last week.

"Whatever performance level McLaren have today we will be a competitive racing team," insisted team chairman Ron Dennis. "That means we will be fighting for the world championship." Hamilton, too, has urged caution.

"I've got a great team I need to push as hard as I can," said the 24-year-old.

"We've got a lot of work to do to make sure we're ready for Australia."

Ferrari, who saw Felipe Massa squeezed out by Hamilton in Brazil, also have a heavy workload.

"We're satisfied with the level of our car as far as the performance is concerned. It's obvious that we still have some work to do and that we have to concentrate on its reliability," said team principal Stefano Domencali.

"Last year we've seen how important reliability and the smallest details are. We have to work much harder in this direction." There will be some new aspects to the season.

There's a first race in Abu Dhabi, which will close the 17-race season, while Sebastien Buemi is the only fresh face on the grid, having replaced Sebastien Vettel, now with Red Bull, at Toro Rosso.

North America's on-off affair with Formula One is definitely off again with Canada having joined Indianapolis on the 'not wanted' list.

France, the home of F1 stalwarts Renault, has also lost its place on the calendar for 2009.

One thing which may not change is the ambivalence - some may say hostility - to Hamilton who has been criticised for his driving techniques and judgement on the track, and maligned for his apparent aloofness off it.

"It's not easy to always say or do the right thing, and when you're constantly being scrutinised it can be particularly difficult," admitted Hamilton.