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V8 Supercars Australia has ordered teams to cut $1 million from the running cost of each car over the next two years.
The drastic measure, which will take a total $29 million out of the sport, is designed to curb escalating costs of some of the top-end teams in the field, while also ensuring the low-end teams don’t go bust in their push to be competitive.
V8 Supercars has already decided to trim the grid to 28 cars next year because of the difficulty for some teams to stay afloat.
There is also talk of turning to a “car of the future” in the next four to five years to standardise parts and centralise purchasing, which would significantly reduce the cost of building a V8 Supercar.
A similar model is used in NASCAR, where cars cost an estimated $A150,000 each, compared with $A500,000-$600,000 for a V8 Supercar.
V8 Supercars intend to maintain the popular Holden v Ford rivalry in the car of the future concept, with the Commodore and Falcon panels and cosmetics to be retained.
Top teams are understood to spend up to $6 million per car in a season whil some single car teams spend about $3 million.
“We’ve had a direction from the board to reduce the operating costs of running a car in the first 12 months by $500,000 and then in the subsequent year another $500,000. All financial components will be considered,” V8 Supercars Australia chief executive Wayne Cattach said today.
“The board understands that if we don’t deal with this it will impact on the success of our sport.
“Traditionally motorsport suffers from the increasing cost of competition over time and if unchecked would eventually lead to a challenge to the very viability of the sport.”
The costs can be cut in a number of areas, including staff numbers and general logistics. Triple Eight Racing, whose drivers include three-time champion Craig Lowndes and young gun Jamie Whincup, take up to 40 staff to V8 Supercar rounds.
Cattach expected opposition from some teams but said the move would benefit the ongoing health of the sport.
“We’ve got to keep the teams out there in a strong and healthy state while at the same time creating an environment where teams with the most money available to them aren’t necessarily the most successful on the track,” he said.
“It’s a classic case of no pain, no gain. Inevitably there’s going to be some pain to achieve the overall objective.”
The next round of the V8 Supercar series will be held at Sandown, Victoria from June 7-9.
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