Thursday October 17th, 2002

Grand Prix boss Bernie Ecclestone has told Ferrari to give World Champion Michael Schumacher a pay cut after hearing the team president Luca di Montezemolo complaining about the cost of Formula One.

The sport is in a financial slump with some teams believed to be in danger of collapse before the start of next season. And Ecclestone responded to criticism from di Montezemolo saying that he could save money by reducing his star driver's salary.

"Montezemolo has stated for years that I put too much money from Formula One in my own bag," Swiss newspaper Blick reported Ecclestone as saying. "But why does he not first clear up his own shop? Pay Schumacher less if he doesn't have enough money."

Schumacher reportedly earns $46 million per year from the Italian giants, whose annual budget is estimated at $300 million and Ecclestone said they should cut his salary or ditch him for a cheaper driver.

But Schumacher's manager, Willi Weber, was shocked by the Formula One supremo's claims and told the Swiss newspaper that the five-time World Champion is worth what he gets.

"This is ridiculous," he said. "Michael is the best driver in the world. He is worth every cent."

Published at 14:45:23 GMT