Report: Bernie Ecclestone agrees rescue deal for smaller teams

Bernie Ecclestone has agreed to give Formula 1's three smallest teams an advance on this season's prize money to help them to race in Australia, according to reports.

Costs have never been higher in F1, and as a result both Caterham and Marussia folded in the close season, although Marussia could return under the name Manor F1.

The Daily Telegraph reports that Force India, Sauber and Lotus have also been struggling financially, and there was a chance that they wouldn't race in Australia in two weeks' time.

However, the report says that Ecclestone has handed them £6.5m each to help them race, ending the possibility of just 12 cars lining up on the grid in Melbourne.

The new season gets underway on March 15.