November 1, 2014
See all of Formula One's existential problems explained in a single clip.
Racing is unique in that it is, and has always been, a hybrid of sport and advertising. Other sports are big business but racing is unique in directly marketing products. Some teams are born for these marketing reasons and some teams were (ill-)conceived as money making ventures. Everyone wishes they could just be racing.
F1 is, despite widespread media efforts to tell you otherwise, at a crisis point. All you need to know about the issues facing the series are laid out by the five team managers here with remarkable clarity and candor (OK, Toto Wolff using Ferrari and Red Bull, as examples of excessive spending is amusing but, that's why he gets paid the big bucks by Mercedes)
What's missing, of course, are solutions but you understand why there's no easy fix.
Do you give all the teams equal money? What would be the incentive to win.
Should the teams own the Sport? How would they come up with the money to buy it and how would they split it up.
Should there be a budget cap? How do you enforce it
Should you limit development even more? What would keep big manufacturers interested.