Mosley warns of F1 financial crisis

LONDON: Formula One will only survive for one more year unless drastic spending cuts are implemented, FIA president Max Mosley warned on Tuesday.

Mosley, who is to stand down next year, said the sport's future was under threat because of the rising costs of running a team, and he highlighted the fate of the Super Aguri team.

The Japanese outfit dropped out of the championship after the Spanish Grand Prix due to a lack of funds - and Mosley fears at least two more teams may also have to withdraw from the championship.