Formula One CEO Bernie Ecclestone says the sport has too many teams. HRT, a Spanish race organization, has dropped off the official 2013 entry list, cutting the number of participants from 12 teams to 11. While speaking to Reuters, Ecclestone said he never wanted 12 teams and that he would prefer to have just 10. The reason? The logistics of having 12 separate organizations is too much to handle, both in terms of transportation and promotion. Of course, Ecclestone's proclamation came with a stipulation. The F1 boss said that he'd rather have 10 teams "so long as we don't lose Ferrari."

HRT owners Thesan Capital has reportedly gone into liquidation and are seeking a buyer for the F1 team. The team didn't manage to score a single point in its three years of F1 competition, and Ecclestone says he doesn't foresee anyone stepping forward to save the outfit from collapse.

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