Honda’s decision to leave Formula One is just an early taste of the schism about to hit international motorsport worldwide. As the US based sub-prime economic meltdown hits, Honda will be the first of many to reassess the wisdom of spending millions of dollars on cars going round and round in circles.

Already major NASCAR teams are laying off staff and as the US big three put out the begging bowl to US taxpayers one wonders how any sensible Government will view any public funds being ploughed into things like NASCAR, NHRA and the American Le Mans Series.

In the week when Audi announced its commitment to building a new diesel powered sports prototype for Le Mans, they also announced a complete pull out from both the European Le Mans series and the ALMS.

Toyota, who have probably the biggest exposure of all the Japanese car makers to the collapsing US economy have issued a statement saying that they remain committed to F1. No, sorry that is “currently” committed to F1.

Unlike Honda, Toyota have had some limited success at F1 level and also unlike Honda they have the backing of a major naming rights sponsor in Panasonic.

But their press release does give very clear indication that unless ways are found to dramatically cut the huge cost of F1 then they too could be the next to go.

Meanwhile the unabashed greed of the parasitic growth that is Bernie Ecclestone shows no sign of abating. Despite Hondas withdrawal, the death of the worlds oldest Grand Prix in France, threats to both China, Germany and Australia and no North American presence at all, according to Bernie everything in the garden is rosy.

Talking to the BBC, Ecclestone refuses to acknowledge that the current situation is all that serious. “I think Formula One is in no bigger crisis than any other company throughout the world,“ he said. “The world is in crisis at the moment, but it won’t stop, the world won’t stop, that’s for sure.“ Yes don’t mention the war.

But he’s right, the world won’t stop, but Formula One, and NASCAR and Le Mans and V8 Supercars and NHRA and WRC and just about any other damn major racing series that relies on Manufacturer support just might.

With Australian news media full of talk about Mark Skaife’s financial crisis and his battle with ex Arrows F1 team boss Tom Walkinshaw, Australian V8 Supercar racing is bracing itself for more bad financial news with several major teams in critical financial problems.

In Pit Lane has been told of at least 4 major teams that may struggle to survive into season 2009 with a least one team facing serious legal threats from disgruntled suppliers who are still waiting for payment for services and equipment provided this year.

One leading factory backed team has left it’s regular workshop after failing to pay rent, while a long line of creditors and staff are awaiting payment from another Melbourne based  team.

Several teams are in the midst of major restructuring with the recent announcements by Jason Bright and Larry Perkins that they will close their operations to join with other teams for season 2009.

Bright will run his car with support from Stone Brothers Racing while Perkins will join forces with the new team for brothers Todd & Rick Kelly. And if the US based parent companies of both Ford Australia and Holden fail, then what then for their current support.

The current economic downturn will have a major effect on all motorsport but it’s at the highest level of the sport that the fall into the clutches of reality will hit hardest.

V8 Supercars have been spending dollars like drunken sailors at a Bangkok brothel but with falling attendances and TV ratings, combined with the economic downturn, getting new sponsors on board and keeping existing ones will be a major battle.

Despite fanciful and unsubstantiated claims of over 800 million viewers in over 130 countries (name them) V8 Supercars fan base is ageing and from a marketing standpoint less than attractive. 

In spite of all efforts to “sex” up the show a bit and attract, dare I say it, a “better class” of spectator, a walk through any V8 Supercar spectator area will show that the hardcore V8 Supercar fan is still a beer & bourbon swilling blue singlet wearing male out for a good time with his mates watching simple family based sedans of the type that he sees in the local pub car park every day and having his picture taken with various Lycra clad promotional girls working their way through college.

Unlike F1 there’s nothing ultra high tech about a V8 Supercar but they are prepared to the very highest level, the top teams have substantial staff numbers while drivers are being paid ludicrous amounts to put their signature on the bottom line to contracts buying their loyalty to either the “blue or the red”

Clearly it can’t continue. And you no what, I think that’s great. For far too long Motorsport has at almost all levels been living beyond it’s means. The obscene salaries of the worlds top drivers are totally out of proportion with the real value of the sport. Crowds at most events, with the notable exception  of NASCAR and the NHRA simply cannot justify the sort of figures that some drivers and series organisers are receiving.

People like Bernie Ecclestone and Tony Cochrane have done wonders for their “products” and themselves but it seems that they and many others have totally lost sight of what “the sport” is all about.

Their business empires and their huge wealth have been garnered on the backs of tens of thousands of people all over the world who do their jobs not driven by a passion for dollars and cents but by a love of the sport.

Flaggies, Fireys, pit lane marshals, scrutineers, on-track medical staff and recovery crews who turn out week after week, day after day for nothing more than a can of beer at the end of the day and plain label generic sausage like meat flavoured cereal tubes and a splash of plain label tomato sauce.

If Bernie, Tony, the Frances and others want to get a better understanding of the real value of the sport and the direction it should be heading in, then they could do a lot worse than to spend some time at a State level race meeting or a major Historic event and see that what actually drives this sport is not technology, not TV rating, not money, but people.

They’ll also see a level of motorsport that unlike their over-hyped product will not only survive this current turmoil but may actually thrive.

Real racers will always go racing, and real race fans will watch. We may lose the odd series along the way, people may lose their jobs and sadly much economic misery will ensue but in the end, like cockroaches the basic urge to see if my set of wheels can go faster then your set of wheels is as old as man himself, and no economic crisis no matter how bad will ever change that.