Bernie Ecclestone: 'There's too much money in Formula 1'

F1 supremo Bernie Ecclestone at Monza, Italy on September 8, 2013
© Getty Images
Bernie Ecclestone admits that he is to blame for the fact that there is "too much money" in Formula 1.

Formula 1 boss Bernie Ecclestone has said that there is "too much money" in the sport and that he does not know how to resolve its issues.

The 84-year-old spoke candidly ahead of the United States Grand Prix, a race in which Caterham and Marussia will not compete after going into administration.

Ecclestone has accepted that the vast sums of money in the sport may not be distributed fairly and the collapse of Caterham and Marussia has led to suggestions that other teams may boycott the race in Austin, Texas.

He told BBC Sport: "There is too much money being distributed badly - probably my fault.

"Like lots of agreements people make, they seemed a good idea at the time. I know what's wrong, but don't know how to fix it.

"We'll have to do something about it because we can't all sit back nicely, relaxed and think the problem will go away."

The race begins at 8pm tonight, with Nico Rosberg on pole position ahead of Lewis Hamilton.

Max Chilton of Marussia drives during a practise session for the Brazilian Formula One Grand Prix on November 22, 2013
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