'Brexit' will not hurt English teams financially

An F1 pundit has played down the impact of the 'Brexit' vote for formula one teams. Some alarming reports have suggested some of F1's many UK-based teams might now be thinking about leaving Britain in order to re-link their outfits with the European Union for the future.

But Marc Surer, a former F1 driver who now works for the German broadcaster Sky, said Brexit is in fact "just some more paperwork" for top teams like Red Bull, Mercedes and McLaren. "Even before the EU there were English teams and Sauber has always been in Switzerland, which is also not part of the EU," he insisted.

"These teams will have some more administrative work, for example with the filling of customs documents to cross the border, but financially hardly anything will change," Surer continued. "If the pound goes through the floor, that is bad for the English teams in the short-term but when their money then comes in (US) dollars, it balances out in the long run," he said. (GMM)