De Paddock - Sponsering F1 -> Solden!

A former sponsor has revealed the extent of the cash crisis hitting F1 by naming the exact figures being asked for the 2003 season - showing that, in desperation, teams are prepared to accept up to 50% less money than a few years ago for the same level of coverage.

The former sponsor, who wished to remain nameless, told the Business section of British Newspaper The Times that: "Three year's ago, being a title sponsor for a middle ranking team [such as Sauber] would have set you back around £7 million for one season. That fee has since collapsed to between £4 million and £5 million."

The sponsor then revealed that companies looking to get their name on an F1 car – for the minimum price - can now clinch a deal for around £300,000 [$480,000].

"The very basic entry level to get in the Formula One team door was around £500,000 three years ago. Now you can take at least a third off that," the mystery informant confirmed.

The Broad Sheet - which lists Marconi, Orange, Nortel Networks, Lucent, Legg Mason, MasterCard and Visa as companies withdrawing from Formula One - quotes the following prices for sponsorship on a 'typical' mid-ranking F1 car in the 2000 and 2003 seasons.

F1 advertising prices - 2000 and 2003:

Front/rear wing + sidepod: £7million [2000] -- £4million [2003] [-43%]
Wing mirror: £750,000 -- £500,000 [-33%]
Helmet side: £1million -- £750,000 [-25%]
Helmet chin: £1million -- £500,000 [-50%]

Jordan is still to announce its title sponsor for 2003, while almost all but the major teams have admitting to funding problems for the season ahead, illustrated by many outfits demanding drivers bring substantial sponsorship with them.

CRASH.NET