There are many news reports today proclaiming Monaco to be first sporting wonder of the world.

Monaco is preparing for the 33rd Monte Carlo International Circus Festival, when about 200 artists will compete against each other for the coveted Golden Clown award.

It seems that nothing, including motor sport, is immune to the problems caused by the global economic crisis.

Max Mosley, president of the sport's governing body the FIA, has been concerned about the cost of competing for some time, but the Formula One Teams Association (FOTA) has been slow to react. Things came to a head however earlier in December when Honda confirmed they were pulling out of F1.