F1 Not Hit by Global Slowdown, Says Mosley

Formula One does not face any threat from the current slump in global economic growth, Czech daily Blesk quoted International Automobile Federation (FIA) chief Max Mosley as saying on Sunday.

"Something serious would have to happen to change the situation. Nothing like that is a threat at this point," the tabloid quoted Mosley as saying during a visit to Prague. "Formula One is financially secure. Sponsors who join it want to support it for the long term, not just for a few years."

Mosley said a court order on Thursday to put Alain Prost's Grand Prix team into receivership had nothing to do with overall economic conditions.

"Prost has a different problem. It has enough small sponsors but no main sponsor," he said.

Mosley said the team still had the chance to find a big sponsor and stay in the competition next season.

Prost has vowed to fight to keep the team afloat. A French court granted him a six-month period to find a way to deal with a debt load of 200 million francs ($30 million).