This is a wake-up call - Ecclestone

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Formula One supremo Bernie Ecclestone has declared that the demise of Honda has given F1 a "wake-up call" that it must act decisively to substantially decrease costs in the sport. This morning, Honda shocked the world of F1 with announcing its withdrawal from the sport.

Ecclestone declared to 'Sky News': “This is a wake-up call. We have been campaigning for quite a long time now to try and reduce the necessity to spend vast amounts of money to be competitive.

“The bottom line is very simple, what I’m saying is if you or I wanted to run a Formula 1 team we wouldn’t need to have to spend what they are spending at the moment – probably to a £100million to do it.”