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

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.

Today sees the opening of the Motorsport Business Forum at the Grimaldi Forum here in Monaco. Over two days attendees will be able to network, visit the exhibition and attend conference presentations related to business management, marketing and investment in motor sport and Formula 1.