Formula One News — December 2002

We hear that Christjian Albers's hopes of a Formula 1 drive will come to an end today if he is unable to meet the terms of a deal he signed with Minardi a month ago. Albers needs to pay the team a considerable amount of money but sources in Holland say that his backers have not come up with the money

Our spies in the United States of America say that Craig Pollock has purchased the assets of Bruce McCaw's PWR Championship Racing and has plans to revive the operation in CART in 2003.

It is being reported in Italy that Roberto Colaninno, the man who masterminded a takeover of Telecom Italia, is planning an $8bn rescue plan for Fiat. The La Repubblica newspaper reported that the car company would be rescued using money raised by the sale of Fiat's aviation and insurance divisions.

In motor racing circles it seems that there is always another Brazilian racing driver arriving in Europe, intent on making his way to Formula 1. Brazilians are numerous in the upper echelons of the sport, particularly in North American racing.

Just before Christmas HSBC appointed receivers over the assets of the Arrows Formula 1 team. This move was the result of a debenture (a document which offers security for a loan) which Arrows agreed with HSBC when the bank agreed to loan the team money in March 2002.

The Internet is always full of stories about Jos Verstappen's future in Formula 1 but the Dutchman has yet to secure a drive for the coming season. At the moment there are just two possibilities remaining: one with Minardi and the other with Jordan Grand Prix.

It is worth reporting that Mecachrome in France is advertising for Formula 1 engine-builders.

If all goes to plan, work will begin shortly on the construction of a state-of-the-art racing facility near Bourg-en-Bresse in eastern France. The planned Euroracing Circuit is close to the Swiss border and within easy reach of the major French cities by motorway.

McLaren and Minardi have both used two-seater Formula 1 cars in the past to titillate sponsors, reward prize-winners and excite journalists but soon members of the public will be able to pay to have a ride in a two-seater F1.

The 100th anniversary of the Ford Motor Company comes in June next year with the automobile giant planning a special five-day celebration between June 12 and 16 in Dearborn, Michigan.

The Belgian press is getting very excited about the news that Jan Heylen, who won the Formula Ford Festival in November, has been signed on a four-year contract with Mercedes-Benz.

Leo Ress, for many years the chief designer at Sauber, has left the Swiss team after 18 years.

Everyone at Grandprix.com wishes you all a very Merry Christmas and a Happy New Year. We hope that you will continue to visit the site for the very latest inside news from the Formula 1 world and continue to spread the word about us to your friends and fellow F1 fans.

The Formula 1 team bosses go off on their Christmas breaks rather mystified by the FIA's call for a meeting on January 15. The aim of this meeting is to discuss how to cut costs in F1 with immediate effect.

One of the aims of the Christmas testing ban was to enable team members to take some time off to be with their families and in F1 circles things are already beginning to wind down for the festivities.

The Jordan team seems to be pitching for a major Irish sponsor with suggestions that the team is considering signing up a young (and therefore cheap) driver with Irish links. The two names which have been mentioned are Richard Lyons and Ralph Firman.

There was a time when Mario Haberfeld was one of the rising stars in Europe, winning the British Formula 3 Championship with Paul Stewart Racing in 1998 but four years of Formula 3000 have produced no victories and no chances in F1 and so Haberfeld is going to America to join Eric Bachelart's Conquest Racing.

Jaguar will launch their 2003 contender, the R4, on January 21 on their internet site, rather than at a traditional F1 party style launch.

It is no surprise that Niki Lauda and Ford will not be working together in the future. The former Jaguar Racing boss had been offered a consultancy role with Jaguar but it was never very likely that he would help out those who had replaced him.

The European Sports Writers' Union has voted Michael Schumacher as its sportysman of the year for the third time. Schumacher won the award last year but his 11 Grand Prix victories and record-equalling fifth World Championship meant that the sports writers could hardly ignore him

Fiat has sold its $1.1m share in General Motors in an effort to cut its debt load. The six percent shareholding in the world's biggest car maker is believed to have gone to the investment bank Merrill Lynch.

Former McLaren and Ferrari F1 driver has announced that he will be running a two-car CART team next year under the American Spirit Team banner.

The Formula 1 circus is puffing and panting at the moment on the subject of tobacco sponsorship with the European Union being rather unhelpful in its attitudes. This has led to speculation that the plan to end tobacco sponsorship in 2006 will fall apart and that tobacco money will go on supporting the sport.

The deal has been an obvious one for many months: Jordan Grand Prix is a good team without a big sponsor and Red Bull is a big sponsor without a team. But this does not mean that a deal can be struck between the two parties.

David Clare, Bernie Ecclestone's right hand man in the Formula One Constructors Association between 1987 and 1996, has been appointed chief operating officer of CART. Clare will report to the company chief executive Chris Pook.