Adam Parr, the Williams chief executive, has admitted he regrets making "stupid" comments about the risk of formula one losing another team before the start of the 2009 season.

Adam Parr, the Williams chief executive, has admitted he regrets making "stupid" comments about the risk of formula one losing another team before the start of the 2009 season.

Earlier this week he said he expected another competitor to follow Honda out of the sport "and there is a very high chance it will be a manufacturer".

Parr's comments added to fears that the global financial crisis could be set to consume formula one, which has frantically been working to slash costs.

"It was a stupid thing to say, not because I necessarily think it's wrong, but because it wasn't constructive," Parr is quoted as saying by the Press Association.

He said he made the comments partly to make a distinction between Honda, run by a board of directors and involved in F1 for mainly marketing reasons, and Williams, with no other objective than to contest grands prix.

"When I made that comment I meant, 'is there a risk another major shareholder will decide not to be in formula one?' and there is a risk and the sport has to be ready and prepared for that," he said.

 

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