Financial Worries For Swiss Team Sauber

By: GMM

The weak euro and US dollar is reportedly hurting Swiss Formula One team Sauber's 2011 budget.

Monisha Kaltenborn, Managing director, Sauber F1 Team, Peter Sauber, Sauber F1 Team, Team Principal
Monisha Kaltenborn, Managing director, Sauber F1 Team, Peter Sauber, Sauber F1 Team, Team Principal

Photo by: xpb.cc

Blick newspaper reports that many of the 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.

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About this article
Series Formula 1
Drivers Alexander Wurz , Niki Lauda , Peter Sauber
Teams Sauber
Tags kaltenborn, sauber
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