Sep.23 (GMM) A sharp fall in profits intensified formula one's need to push outside of Europe and also drop the US grand prix, according to a report.

Britain's Daily Telegraph revealed that, because of high debt repayments, profits crashed $306.7m to just $6m since the sport's commercial rights were taken over by CVC in 2005.

"The huge burden ... has had a material impact on the sport of motor racing," the report claimed.

The Telegraph said formula one, still overseen by chief executive Bernie Ecclestone, has had to look increasingly outside of Europe because governments in Asia and the Middle East can afford to pay higher sanctioning fees.

Indianapolis, scrapped after an eighth consecutive race in June, is the "first big casualty", with destinations including Sough Korea, India, Abu Dhabi and Singapore likely to replace other current grands prix in the near future, despite the teams' reliance on established markets.