Just days before this year’s United States Grand Prix began its first practice session , the financially troubled Caterham F1 team, who had recently gone in to administration (the U.S. equivalent would be bankruptcy, though it is different in how it works), announced it would not be able to make the journey to Texas. Hours later, the similarly maligned Marussia F1 Team would announce the same.
Thus, the controversy begins…
With two teams officially closing their doors and a number of midfield teams in very serious jeopardy, the controversy of F1 being “too expensive” is at the forefront of the conversation…. again.
The heart of the controversy lies at the distribution of F1 income. The business of Formula One, despite its challenges, is incredibly profitable. Since 2004, the various managing properties have earned over $1 billion in total revenue, and then moving the bar above $1.5 billion since 2011. This is the revenue directly related to the commercial management of the series, run by the Formula One Group, which is technically owned by a consortium of investing and holding companies, the largest of which is CVC Capital. At the helm of this is the legendary Bernie Ecclestone, who has run the commercial rights of Formula One since 1980, spending four decades in to building the most successful form of motorsport in the world.
IRWINDALE, Calif. (October 21, 2014)- Having not been behind the wheel of a Super Late Model in over five years, World Stage Racing’s Brian Wong exercised remarkable patience to take sixth place during Saturday’s round of the NASCAR Weekly Racing Series at Irwindale Speedway in Irwindale, California.
“It was great to get back behind the wheel, and I’m pretty happy with the result,” stated Wong. “I haven’t driven a proper race at Irwindale in a long time, and it’s great to see the facility back in action. This is some of the best racing out there, and I really appreciate the efforts of everyone at World Stage Racing to make this happen.”
Wong most recently made headlines with a second-place finish in the ARCA Racing Series at New Jersey Motorsports Park, the series’ lone visit to a road course. Having not taken to the wheel of a Super Late Model since 2009, the first Chinese-American to score a podium in ARCA competition has focused his career efforts in recent years in both stock cars and endurance sports car racing. In addition to his ARCA success, Wong has also taken podium finishes in such noted sports car races as the Mobil 1 Twelve Hours of Sebring as well as Petit Le Mans.
With World Stage Racing having recently fielded their team of Super Late Model vehicles for NASCAR star David Gilliland and his family, the revitalized organization saw fit to put Wong back in the seat for Saturday’s event.