Barcelona - Just like Formula One, the GP2 racing series will also have to make cuts in budgets and personnel this season due to the ongoing global financial crisis, GP2 boss Bruno Michel confirmed to German Press Agency dpa.

The GP2 series, which replaced Formula 3000 in 2005, is in its fifth year with 26 drivers taking part in this season's opening race in Barcelona on May 9.

"At least the teams have very good marketing policies in place," said Michel. "We find ourselves in a healthy position."

Michel believes six or seven drivers could be in a position to compete for the drivers' title in 2009, promising a "very interesting" season.

Success in GP2 is seen as a stepping stone to F1: seven of the current drivers in the sport's elite series, including world champion Lewis Hamilton, spent at least a season in GP2.

"Formula One looks at us because they know that if a driver is fast with us that he will also be fast in Formula One," said Michel. (dpa)