F1 boss Bernie Eccelestone will reportedly provide a GBP 20 million cash advance (about PHP 1.3 billion) to the sport's money-troubled teams: Force India, Lotus and Sauber amidst fears that the 2015 opening season Australian Gran Prix will only be competed by 12 cars on the grid.

According to the Telegraph UK, Eccelestone vowed to bring prize-money payments to the three teams who are all currently running low on funds. In the agreement, each team will get GBP 6.5 million (about PHP 436.9 million) by the end of the week so that the teams can join the race next week on March 15, 2015.

Eccelestone has already forwarded the money in advance to Force India as they were able to make the final pre-season test in Barcelona. The racing team added that the F1 boss was sympathetic to their money woes.

Force India already missed the first two pre-season tests due to their money problems while Lotus and Sauber are faced with an uncertain financial future.

Source: Telegraph UK