Ron Dennis warns of recession threat

Companies around the world are having to tighten their belts due to the looming recession, which has been accelerated by the terrorist attacks in America. As a result, potential sponsors are less likely to invest and leading F1 figures have expressed concern that there won't be enough sponsorship to go round.

"No-one is immune to what's happening," said Dennis at Suzuka where the season-closing Japanese Grand Prix takes place this weekend. "Share prices have gone through the floor, companies look immediately to their advertising budgets and that, ultimately, trickles into motor sport, and it does trickle."

With annual budgets of top teams estimated to be approaching £70 million, Dennis believes that even F1's big guns need to be wary.

"The big teams are just as exposed to this as the smaller teams," he said. "We've got sponsors which were on the brink of commitment and have pulled back and are re-evaluating where and how to spend their money, what they have of it. It's going to be a tough time."

Despite the stark reality facing F1, Dennis does not believe the sport is capable of voluntarily cutting costs.

"The only way that we economise is that we are forced into economies," he added. "Whether all the teams are genuinely prepared to cut their cloth and cut their budgets, I doubt it."

Other team bosses, including Eddie Jordan and Craig Pollock of British American Racing have echoed Dennis' sentiments.