From GMM

Bernie Ecclestone has moved to play down the impact the global financial crisis may have on the world of formula one.

The Japanese manufacturer Honda has already pulled out, citing the crisis in the car sales industry, but F1's chief executive insists 2009 will be business as usual.

"It's clear that the world financial crisis affects everyone, including the car industry. But it won't affect formula one seriously," the 78-year-old billionaire said.

Ecclestone said the sport remains a huge draw, with which only the opening and closing ceremonies of the Olympic Games can compete.

On a visit to Serbia, he told the local newspaper Press: "As far as I know, all the tickets have been sold for almost every race in the next season.

"Moreover, we signed two huge deals, one with LG and one with DHL," he added.

"It's simple: the big guns who want their ad across the whole world understand that formula one is the cheapest way to achieve it."