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UPDATED: January 4, 2009 NO. 2 JAN. 8, 2009
Formula One's Financial Crisis
The global economic slowdown is bad news for F1 auto racing
By LI XIAO
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What's more, F1 has turned its focus to the Asia-Pacific region, which will host seven of the 17 circuits next season. The 2009 F1 World Championship calendar put the Gulf Air Bahrain GP on April 26 and the Etihad Airways Abu Dhabi GP on November 1. The two Middle East teams later published a joint agreement to cooperate on the promotion of the sport.

According to the Shanghai Oriental Sports Daily, the reason FIA so easily agreed to Shanghai's shift to the spring is the huge potential market and economic strength of Abu Dhabi. The UAE capital's inaugural F1 GP, which had been planned for April, is now set as the final race of the season, to the delight of UAE racing fans who want to see the title decided in their oil-rich city.

Ecclestone welcomed the debut circuit and its sponsor, Etihad Airways, saying, "Securing a title sponsor of this caliber two years out from the first event is further reinforcement that the region is full of excitement and anticipation for the Abu Dhabi Grand Prix."

As for the future of the Shanghai GP, there has been speculation that Sinopec would no longer sponsor next year's event. With the added influence of the economic crisis, it is uncertain whether Shanghai F1 organizers will renew the contract after 2010.

"We have been working well with each other," said Qiu Changwei, Deputy Director of Shanghai's Administration of Sports. "So we'll probably renew the contract."

Ecclestone also feels confident that the contract will be renewed. "We have a contract until 2010 with an option for five years after that," the 78-year-old told the Financial Times. "We will talk to them about it, and meet up and see how we can help them."

Qiu revealed an "assessment" is taking place, saying, "We're still in negotiation-at least we hope they don't increase the price anymore."

Some suggested making Shanghai a night race for better TV ratings in Europe, but Qiu rejected the idea.

"Night racing in Singapore is good for tourism and it inspires us a lot," he said. "At the same time, we will make decisions based on our own circumstances."

Leon Sun, General Manager of Event Management at Juss Events, told Reuters, "I would say it's likely it will stay after 2010. Formula One has only been here for five years. Building a spectator base is not easy, it's a long-term operation."

"Research shows there are more and more racing fans in China, so I don't think we will say 'no' to the F1 Grand Prix."

It has been reported that Monte Carlo and Montreal are the only cities to profit from an F1 GP.

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