Sauber team principal says F1 has 'more than enough money' to ensure survival of teams

Sauber team principal Monisha Kaltenborn has said that Formula One had more than enough money in it to ensure the survival of teams, in light of Marussia's demise from the sport.

Kaltenborn branded the Marussia team's demise from Formula One is 'shocking news' as the team went out of business on Friday after failing to raise funds to continue in the sport.

Marussia had gone into administration last month. Kaltenborn, whose team is also struggling financially, said that it is shocking news that they are not in a position to keep such a team alive.

She said that Formula One had more than enough money in it to ensure the survival of teams, adding that they have a turnover of billions of dollars and yet they are not in a position to keep 11 teams alive, The BBC reported.

Kaltenborn also said that that tells one it is not a good signal the sport is sending out and they are creating a bad image. So, she added that one has to look at how the revenues are distributed and has to find a way to reduce the costs.

The Caterham team also went into administration last month and, like Marussia, have missed Brazil and the US Grand Prix last weekend. Caterham are trying to raise the 2.35 million pounds their administrators say they need to compete in the final race in Abu Dhabi through crowd sourcing.

Kaltenborn said that imagine how devastating it is to see that they are the pinnacle of motorsport. She added that they spend millions, have income of more than that and yet there is a team that is so desperate and has to go out and take such measures.

Kaltenborn said that she doesn't understand why there is not that kind of sympathy.

The smaller teams were last weekend talked out of a potential boycott of the U.S. Grand Prix after the boss of the company that owns Formula One's commercial rights promised personally to intervene, the report added.