6 Dec 2008

Mercedes wants F1 costs cut by 50 per cent

11:39 am on 6 December 2008

The German carmaker Mercedes says Formula One teams must cut costs by at least 50 percent over the next two years although its own financial position remains solid.

Yesterday Japanese rival Honda pulled out of the sport, citing the global financial crisis and unsustainable costs.

Mercedes Motorsport powered Lewis Hamilton to victory in this year's championship.

Meanwhile Formula One supremo, Bernie Ecclestone, says he knows two parties interested in taking over Honda's interest and is relaxed despite the world financial situation.