Exchange rates hurting Sauber team
24 July, 2011
Jul.24 (GMM) The weak euro and US dollar is reportedly hurting the Sauber F1 team’s 2011 budget.
Blick newspaper reports that many of the Swiss team’s 280 employees are paid in the comparatively strong Swiss Franc, whilst the official F1 income and sponsor payments are mainly in dollars and euros.
“It’s a disaster,” said team boss Peter Sauber, “because it’s not only wages but also some suppliers that we pay in the Franc.”
Another worry is the financial situation of team backer Money Service Group, after it emerged that Niki Lauda has already ended his cap sponsorship with the struggling Liechtenstein company.
“I can’t say anything about that yet. Let’s wait,” said Sauber managing director Monisha Kaltenborn.
Former F1 driver Alex Wurz, meanwhile, joked that the cold weather at the Nurburgring this weekend could be connected to the European economy.
“I’m wondering if the German government sold the summer to finance the Greece deficit,” he said on Twitter.