Williams: F1 Will Survive Recession

Frank Williams believes the financial recession will have an impact on Formula One but added that the sport will survive it.

"The recession will certainly have an impact on Formula One but it won't bring the sport to its knees," said Williams. "Right now there is a slow down in business whether you are a bus driver or trying to find sponsorship. Everybody is feeling the impact."

On Friday, several team bosses admitted their concerns over the financial support of sponsors in Formula One as the world appears to head into a recession, and it appears some rapid solution is required.

Minardi team boss Paul Stoddart, who admitted his airline business European Aviation has been hit hard by repercussions from the terrorist attacks on New York, called for cost reduction measured to be introduced.

Formula One's team chiefs held a meeting at the Suzuka circuit on Saturday and are thought to have discussed the future of their sport and the possible financial problems they could face in the future.

A plan, which could include a reduction in testing and possible manufacturing limitations, is thought to have been developed but team chiefs were reluctant to speak of the discussions.

When asked if he was happy with any agreement from the meeting Stoddart said: "No. I didn't get all I wanted out of it."