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While we knew Formula 1 racing was an expensive venture, leave it to the 2008/2009 edition of Formula Money to spell-out the jaw-dropping finances for us. According to their latest guide, the supporting cast will shell out over $3 billion this year in team resources — with Toyota dropping more than $445 million of it alone. McLaren is a close second at $433 million, while Ferrari rounds out the top three with $414 million coming out of pocket. If you take a look at team resources divided by points scored, each point cost Ferrari $1.9 million in 2007 (while each point cost Honda a staggering $57.2 million during the same period!). With the financial markets around the world roiled in turmoil, many are wondering when the F1 budgets are going to feel the pinch… Thanks for the tip, Keith!

Super Aguri announced today that it would immediately be ending its participation in Formula 1 after funding for the team has all but dried up. The news comes not long after Super Aguri was denied access to the Turkish Grand Prix paddock area due to its mounting financial issues. Honda has been Super Aguri’s main source of funding, but is apparently tired of diverting money from its own F1 team despite pronouncing as recently as last December that it would fund the Honda “B-squad” through the 2008 season. The Japanese automaker also wasn’t keen on an 11th hour buyout offer for Super Aguri from German automotive firm Weigl. The team hasn’t been on sound financial footing for some time, and the breakdown of negotiations with the Dubai-based Magma Group in April certainly didn’t help matters. This leaves Anthony Davidson and Takuma Sato without cars to drive for the rest of the season and narrows down the starting grid for the Turkish Grand Prix this weekend to ten teams and 20 vehicles. Thanks to all who tipped in.
[Source: BBC Sport, Photo by YOSHIKAZU TSUNO/AFP/Getty]

When the Singapore F1 Grand Prix begins on September 28th, it will feature the first application of Digiflags, 35 large screens that can display the different flag colors, making it easier for racers to know what’s going on while speeding down the track. The system will be used in conjunction with traditional flags, but separate track marshals posted through the circuit will control the electronic boards as the race hums wails along. But fear not, the checkered flag remains, and will be waved from a podium on high when the Singapore F1 race ends.

source:autoblog