THE glamorous and money-fuelled world of Formula One is not immune to the global financial crisis but it is adapting to the tougher times, leading figures in the sport say.

Many backers of the world's richest sport are banks and other big conglomerates who have been affected by the credit crunch.

New sponsors are few and far between and teams must continue to spend millions of dollars to fund research and development, run the cars, pay drivers, engineers and other staff, and transport equipment around the world.

'I suppose it will have some side effects, but what they will be I don't know,' said the sport's influential commercial rights holder Bernie Ecclestone.

Team owners were more explicit.

'I think it is going to be difficult times, no question, and if you look at new sponsors coming into Formula One, it is very seldom, especially the big ones,' said Toro Rosso co-owner Gerhard Berger.

'As I see it, it is not going to be easy the next two years.' Williams chief executive Adam Parr said it was important to recognise that the global economic slowdown would impact the sport, but said teams were preparing for any fallout.

'It would be foolish to think that the external environment doesn't affect our business but I think what is important, as with any business, is to prepare and we are trying to do that, some perhaps harder than others,' he said.

'We need within FOTA (Formula One Teams' Association) to get on and identify ways to reduce our costs.

'(But) in spite of the global environment we are in rude good health but we will only stay in rude good health if we prepare for the future because the world is changing right now, very, very fast, faster than anybody could have imagined even a month ago.

'I think it is time to get down and change a few things.'

Moving the sport into new markets, like Singapore, where the first ever night race was being held over the weekend, and the oil-rich countries of the Arab world, was one way to generate new interest and attract new money, they said.

The head of Mercedes Motorsport, Norbert Haug, pointed to the Singapore night race as a prime example of the sport embracing new and exciting challenges to keep it interesting for sponsors and spectators.

'Of course, in the whole financial world, all the surroundings are really challenging, probably more so than ever, but if you look at what was invested here, and what will be the outcome, what will be the exposure worldwide,' he said.

'Singapore is known for being a metropole for financial business for example, and I think that sends out really positive signals.

'It is not just another normal race, it's a huge step and a really good chance for Formula One, for the sponsor partners, for everybody involved, for the media, for worldwide television viewers.'

Red Bull Racing team principal Christian Horner agreed that it was important not to turn a blind eye to what was happening on global financial markets, but was still upbeat.

'The global economy at the moment isn't in great shape and it affects all areas of the pit lane,' he said.

'It is down to the teams to work collectively with the governing body to make sure that we are responsible in what we do to control our costs.

'But, on the other hand, venues and races such as this one are so powerful and strong for Formula One and demonstrate Formula One in such a strong and fantastic light.

'I think there are other very positive aspects as well and I think this race, certainly this weekend, will be a big boost for the series in general.' -- AFP