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Ferrari is the slowest payer
20.04.10
According to the research and business intelligence firm Dun & Bradstreet, famous for their credit checks and ratings, Scuderia Ferrari - arguably the richest team in the F1 pit-lane - is also the slowest to settle up, paying its outstanding bills on an average of 16 days late.
Dun & Bradstreet researched the time it took F1 teams to pay their outstanding bills in the period from December 2009 to the end of March 2010. Scuderia Toro Rosso, also based in Italy and largely bank-rolled by energy drinks firm Red Bull, is quickest to pay and settles its bills on time whilst sister team Red Bull Racing is second quickest, now settling up 7 days quicker than it did when Dun & Bradstreet last investigated these matters in September last year.
McLaren, based at Woking in England, settles its bills 9 days late. Although it is the second slowest payer, it has achieved the biggest improvement in payment time with its bills now settled 12 days quicker than last year. Dun & Bradstreet nevertheless suggests that the McLaren Group is experiencing cash-flow pressures from its planned launch of its new supercar for the road. It commented: "The plans of co-owner and Managing Director, Ron Dennis, to sell upscale sports cars to wealthy motor-sport fans put pressure on the situation."
Many of us who are dealing on a day-to-day basis with smaller companies in motor-sport would be truly grateful for accounts that are settled only 16 days late; finances within the industry are precarious at this time and many organisations are indulging in all sorts of gymnastics to avoid or delay payment. We suspect that some naming and shaming will be going on very soon.
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