Formula One reported total revenue of $1.7 billion in 2015, and gross profit of $557 million, but the money-spinning sport was unable to prevent the Manor team from going to the wall on Friday. Seeing the starting grid reduced to 20 cars, two months before the season's opening race in Australia, is likely to stiffen the resolve of the sport's new owners Liberty Media to change the system and help smaller teams survive. Both chief executive Chase Carey, who was appointed on Monday, and F1 veteran Ross Brawn, in charge of the motorsport side, have made their views clear already. 'I think there’s a recognition that for a sport to be healthy it needs to have a fair competitive balance,'...
Full Story »