F1: Lopez says Caterham crowdfunding plan "sad"

Lotus owner Gerard Lopez believes Caterham's need to seek crowdfunding to try to make it back on the grid is a 'sad' indication about the state that Formula 1 is in.

Caterham's administrators are seeking $3.72 million in funding to ensure they can afford to compete at the Abu Dhabi Grand Prix, which would give them a chance of returning full time in 2015. But despite a promising level of backing during the early stages since the scheme was launched, Lopez believes the fact that a team has to get funding from fans is ridiculous considering how much money F1 earns.

"It's a one-off and I think it's sad," he said. "If you think about what it's being used for. Formula 1, which is a 1.6 billion-dollar business, and distributes over $900 million, and we're being asked if crowdfunding is a good idea to bring a team back? Seriously? Then it's even more disastrous than I think it is, in terms of ethics."

Lopez says he was left fuming when a rival team boss joked at him about the crowdfunding plan.

"A team principal came to me and was laughing about the crowdfunding thing," he said. "I think it's pretty sad. I think it's pretty telling about the sport when people are laughing about that kind of stuff."