Sergio Perez admitted to mixed feelings on Wednesday as he returned to Monaco.

The last time he was in the Principality to race – for his debut grand prix in the fabled Principality – he was hauled away in an ambulance, having been knocked unconscious in a huge qualifying crash.

“To me it’s unbelievable to be back here after such an accident,” the 22-year-old said on Wednesday, according to Germany’s Auto Motor und Sport.

Mexican Perez said Monaco is still his favourite track.

“It is definitely not a good feeling that the walls are so close, but we know the risks. It’s a special place.

“I can remember everything right up to the crash. The next thing I know was that I was on the way to hospital — I was unconscious for several minutes.

“After such an accident it is not easy to come back — I cannot say for sure how I will feel when I come out of the tunnel for the first time. But I think it will be completely out of my head.”

Perez said he really needed “four or five” races to recover from the heavy concussion, but that there was pressure from sponsors to come back as soon as possible.

“I wanted to get back into the car in Montreal, but it was impossible,” he recalled.

“In Valencia it was very difficult for me.”

Now, he is hoping for a very different Monaco weekend, after looking strong last year until his crash.

“Our goal must be the podium. I hope to find a good setup although we have recently had a little problem with the traction.

“We are so close to the top that every tenth can make a difference.

“After our second place in Malaysia, maybe the next step will be victory — I don’t know if we will succeed. But the opportunities are there,” said Perez.

Marussia needs a KERS system to catch up with its direct rivals.

That is the admission of team boss John Booth, who told the Russian website championat.com that he is looking into adding the energy recovery technology to next year’s Marussia package.

“First of all, I want to say that while it is said it (KERS) is a ‘green’ technology, in reality it’s just a serious waste of money,” he said.

“But in our situation it’s time to start thinking seriously about KERS. Of the gap to Caterham, five or six tenths is due to KERS,” added Booth.

“So we are thinking seriously about it for 2013, but so far there is no decision.”

Both admitted the start of the 2012 season has been a disappointment so far for Marussia, which in its first two years was called Virgin.

He said the team has recently completed a phase of serious restructuring.

“We had a good team of people before, but now we have a good team of designers. Though we have been in F1 for three years, I have the feeling that we were actually born in July 2011.”

Both is undoubtedly referring to the split mid last year with former technical chief Nick Wirth, and the relocation to a new headquarters.

Heikki Kovalainen is looking for Caterham to move into the midfield, according to his new management company.

Having handled his own career in the wake of Flavio Briatore’s demise, Finn Kovalainen recently signed up with IMG, the sports and entertainment management giant.

The 30-year-old has rebuilt his reputation since 2010 in the wake of mixed tenures for top teams Renault and McLaren.

According to IMG Motorsport’s head of clients Martin Anayi, Kovalainen is now regarded by formula one team bosses up and down pitlane as among the top best drivers.

“He is a great guy,” Anayi is quoted by Finland’s Turun Sanomat newspaper.

“Heikki’s potential is obvious and he definitely wants to succeed.”

There have been rumblings in the paddock that Kovalainen is disappointed that, despite being consistently the best of F1′s new teams since 2010, Caterham is yet to break into the midfield.

“This is only the team’s third season, so there are still some growing paints,” IMG’s Anayi acknowledged.

“Heikki has a strong desire to compete, and not just with his teammate Vitaly Petrov. The team’s boss Tony Fernandes wants to get in with the middle group.

“This means that the team needs to regularly get into the Q2 stage of qualifying and in the race be aiming for the points,” he insisted.

A favourite for victory this weekend, Pastor Maldonado is reportedly lucky to be gearing up to race in the Principality at all.

Bild newspaper recalls that the Venezuelan, who defied his ‘pay driver’ critics by winning for Williams in Spain two weeks ago, was actually banned after an horror incident on the streets of Monte Carlo seven years ago.

Racing in the Renault World Series in 2005, the then 25-year-old ignored yellow flags before striking and severely injuring a marshal.

Organisers of the Monaco grand prix reacted by banning Maldonado from the street circuit for life.

Germany’s Bild revealed that Maldonado’s wealthy father intervened, promising to pay for the marshal’s recovery and rehabilitation from a broken back.

That intervention saved Maldonado’s future formula one career, as no team would hire a regular driver that cannot participate in the sport’s most famous race.

Maldonado is therefore a favourite for victory this weekend, with his Williams now acknowledged as arguably the best in the entire field when it comes to slow-speed traction.

And in his four seasons of GP2 between 2007 and 2010, Maldonado finished on the podium each time, winning and achieving pole position twice. In 2006, he won in Formula Renault.

Last year, in qualifying for his first Monaco grand prix, he qualified his then struggling Williams in eighth place, comfortably ahead of Rubens Barrichello.

“He is very good at Monaco,” agreed Barrichello.

In the 2011 race, Maldonado was fighting for fifth when he crashed with Lewis Hamilton.

“If the last sector in Barcelona is the marker, then the Williams will be unbeatable in Monte Carlo,” Germany’s Auto Motor und Sport quotes Dr Helmut Marko as saying.

The breakthrough success in Barcelona has piqued the interest of Maldonado’s native Venezuela, having not had an F1 points scorer since the ignominious Johnny Cecotto in 1983.

“My country will be following every second of the next race,” Maldonado is quoted by O Estado de S.Paulo newspaper.

“I love street circuits, this one in particular. My style of driving fits perfectly with Monaco. I am ready to get another great result.”

Even ahead of F1′s Singapore floatation, the sport has some new owners.

Reuters, the specialist financial market news agency, said US-based asset managers Waddell and Reed, Blackrock and Norway’s Norges Bank have bought a $1.6 billion stake from existing owners CVC.

The report cited a source “with direct knowledge of the matter”. The companies did not immediately comment.

It drops CVC’s stake from 63.4 per cent to about 40pc, the source said.

We reported on Monday that the Singapore stock exchange approved F1′s plan to raise as much as $3 billion in an initial public offering.

Other reports said pre-marketing for the listing, likely to go ahead at the end of June, will begin immediately.

“It is not our practice to publicly comment on our dealings with listing aspirants,” said a Singapore bourse spokesman.

Some insiders have expressed concern.

“Look at the muted first-day response to Facebook’s IPO,” an unnamed banker told the Singapore broadsheet Straits Times. “The F1 listing is not nearly as attractive and long-awaited as that.”

Formula one is worth about $8 or $9 billion, as the sport’s owner CVC confirmed it has this week sold a 21 per cent stake to new investors.

News of the sale coincided with the launch of pre-marketing ahead of one of the biggest ever sports floatations, data by the financial experts Thomson Reuters shows.

“It’s cheap compared to Facebook,” chief executive Bernie Ecclestone told reporters on Tuesday, confirming that the Singapore IPO looks set to go ahead soon “with no dramas”.

“All the things that have to happen have happened. It will be finished by the end of June,” the 81-year-old is quoted by the Telegraph.

F1′s new one-fifth owners are US managers Waddell and Reed, the powerful Blackrock and Norway’s central bank Norges.

“It’s a great way to start the IPO and lets investors know what they can expect,” said Ecclestone.

The diminutive Briton said he is keeping his 5.3 per cent stake, and staying in charge. His former wife Slavica controls another 8.5pc, the news agency Bloomberg said.

“You might as well have asked Frank Sinatra who he would appoint to replace him,” Ecclestone insisted.

CVC said in a statement that is remains F1′s biggest and controlling shareholder.

Red Bull is lamenting the limited role that can be played in 2012 by F1′s aerodynamic genius Adrian Newey.

For the past few years, the energy drink owned team has enjoyed its dominance largely because of the airflow magic wrought by Briton Newey.

But in 2012, with reigning back to back world champion Sebastian Vettel just one of the five different winners so far, Pirelli rubber is king.

“I doubt Williams really know why they were so strong,” team boss Christian Horner, referring to Pastor Maldonado’s shock Barcelona pole and win last weekend, is quoted by Germany’s Auto Motor und Sport.

Horner insisted that, rather than the winner being the team with the best overall package at each race, success this season is about “understanding the characteristics of the tyre and the window in which they work”.

“It’s not that the midfield teams have made a quantum leap aerodynamically from last year to this year,” Horner insisted. “But from a performance point of view, this is what they have done.”

The logical conclusion is that aerodynamic cleverness has taken a back seat.

So will Red Bull knock a million or two off Newey’s huge annual retainer?

Horner laughed. “Adrian is not just an aerodynamicist, and aerodynamics are still important anyway. But now it’s about harmonising everything, and these tyres are simply remarkably complex.

“Two races ago Nico Rosberg dominated, but in Spain he was almost lapped. It is very difficult to predict what’s going to happen next — a nightmare for the bookmakers,” he smiled. “A lottery.”

The situation has split F1 into two camps: those who love it, and those who do not.

“It has become like a GP2 championship,” Maldonado, the junior category’s 2010 champion, is quoted by The National newspaper.

“The drivers can make the difference and the teams can still work on the strategy and the car.”

The bizarre situation has left everyone scratching their heads, like Jenson Button.

He can scarcely believe that what looked a championship car – his 2012 McLaren – was beaten in Spain by Shanghai winner Nico Rosberg, who was almost lapped.

“The Red Bulls did a better job at the weekend than us in terms of points, but still they weren’t quick when you compare them to Williams, Sauber, Lotus and Ferrari,” he told PA Sport.

“Five different teams winning five different races, we really don’t know what’s going on, and I think that’s the same up and down the pitlane.”

Ferrari has played down rumours it is close to immediately ousting Felipe Massa, insisting it is possible the struggling Brazilian will still be in a red car next year.

On Twitter, the famous Italian team said the latest rumours – including a claim that former Virgin driver Jerome d’Ambrosio is a candidate to replace Massa in 2012 – are “funny”.

But it was Ferrari itself who fuelled the speculation, publishing a statement on its website that read like a warning to Massa.

“It was a very carefully-worded statement, wasn’t it?” said Telegraph correspondent Tom Cary.

“The way this crazy season is going, I really would not be massively shocked if they ditched him mid-season.”

The Swiss newspaper Blick said Monaco next weekend could be the 30-year-old’s last chance to up his game.

And the candidates are lining up.

“Ferrari knows that I’m ready. If they need me or they want me, then they will call me,” Adrian Sutil, who accompanied his manager to last weekend’s Spanish grand prix, said.

The Spanish newspaper El Mundo said some paddock pundits believe “the only reason” Massa still has its seat is because the “name Todt” – a reference not only to Massa’s manager Nicolas but to the FIA president – has a “protective arm” around him.

Ferrari spokesman Luca Colajanni told Brazil’s O Estado de S.Paulo newspaper this week: “Felipe has the full confidence of the team, starting with our president.

“We have not decided who will be our driver in 2013 but Felipe is not ruled out,” he insisted.

Indeed, while some believe Ferrari has hung a sword of Damocles above Massa’s head, others think the Maranello based team have been patient since the Paulista’s recovery from his near-fatal head injuries of 2009.

“We have no evidence that makes us think that Felipe has slowed down because of the accident. Zero,” Colajanni said.

F1 doctor Gary Hartstein agreed: “An experience like that (Hungary 2009) changes you, but you can’t say that’s why Felipe has not won again.”

Five races in, F1′s cleverest brains are still yet to decode the mystery of the bizarre and fascinating 2012 season.

As was the case when he utterly dominated last year, Sebastian Vettel is still leading the drivers’ points chase.

But, before last weekend, if he had been told that Williams’ Pastor Maldonado would be the winner of the Spanish grand prix, the German admitted: “Well, I would have put a lot of money on them!

“I think the odds weren’t bad,” he smiled.

Indeed, the major British bookmaker William Hill was taking bets at 500-1 prior to the Barcelona weekend.

A spokesman confirmed that only two bets at 10 pounds or above were placed on Maldonado prior to qualifying.

“I’m sure Williams don’t understand why they just won the race here,” McLaren’s Jenson Button is quoted by the Guardian newspaper.

But the previously-derided ‘pay driver’ Maldonado is not the only potential new winner in 2012, after Jenson Button, Fernando Alonso, Nico Rosberg and Vettel won the opening four grands prix.

A detailed look at F1′s specialist reporting in the past few weeks shows that Lewis Hamilton, Mark Webber, Kimi Raikkonen, Romain Grosjean, Michael Schumacher, Sergio Perez and Kamui Kobayashi are all also widely regarded as genuine victory candidates in 2012.

And given that their teammates have won grands prix this season, even the struggling Felipe Massa and Bruno Senna should be added to that list.

“Dammit, let’s go for (HRT’s) Karthikeyan!” wrote Chris Hockley in the Sun newspaper.

“It’s really quite crazy right now,” Vettel, who despite his young age would count himself among F1′s currently perplexed purists, told Germany’s Auto Motor und Sport.

“What’s happening is difficult for us to explain,” he added.

The situation has split the F1 audience, with the purists shaking their heads, and others marvelling at the unprecedented spectacle.

“The spectacle has taken over the sport,” said the Paris daily Le Figaro.

“Even the teams can’t be sure who will be the hare and who will be the tortoise at any given track,” wrote Hockley.

Alonso, who is the joint championship leader, is in the purists’ camp.

“Of course it is attractive for the spectators that we are going to Monaco not knowing if we will fight for victory or be left out of the points,” he is quoted by El Pais.

“But in a way, after eleven years in formula one and now I’m at Ferrari, I would like to have more stability,” the Spaniard admitted.

Sir Jackie Stewart said: “What’s going on is unbelievable, which I think is the outcome of the new rules, new tyres — I think it’s many factors,” he told the Spanish sports daily AS.

“What’s happening,” said Maldonado’s race engineer Xevi Pujolar, “is that these tyres are allowing teams who do not have the biggest budgets to be eligible for really good results.

“The reason is that the most important thing now is to have a good setup and also some luck with the temperature.”

Pirelli, F1′s tyre maker, has received both criticism and praise for its huge role.

“Pirelli have been both bold and brave,” Sun journalist Hockley said. “It can’t be easy for a manufacturer to make tyres that sometimes wear out faster than you can say Mercedes.”

Marco Tronchetti Provera, the Italian marque’s company chief, is unapologetic.

“What we have provided is what the teams have asked for, and it was not easy,” Italian language reports quote him saying. “Our engineers have done an extraordinary thing.”

F1′s astonishing season continues to live up to the hype, as a fifth driver and constructor on Sunday won the fifth grand prix of 2012.

Not only is the victory Pastor Maldonado’s first, his walk up the steps at the Circuit de Catalunya was the first taste of the podium in his two-season F1 career.

It’s also the first Venezuelan triumph in the sport’s history, and a hugely popular victory for Williams, the once-great British team headed by Sir Frank Williams, whose 70th birthday was warmly celebrated in the paddock on Saturday.

“Boy did we need that,” said Williams on BBC television.

And asked how he feels on Sky television, he smiled: “Relief.”

“Some said Maldonado was a pay driver and he didn’t deserve his place in formula one but they’ll be eating their words now,” commented former team driver David Coulthard.

“That was a fantastic drive,” added Coulthard, referring to Williams’ first win since Juan Pablo Montoya in 2004.

Williams enthused: “I didn’t see him (Maldonado) make one single mistake.”

“You can’t really fault him,” agreed Williams’ 1996 world champion Damon Hill.

Amazingly, however, away from the champagne, Sebastian Vettel’s sixth place leaves him at the top of the drivers’ championship, and he is now neck-and-neck with Fernando Alonso, who finished second on Sunday in the improving Ferrari.

Lewis Hamilton, who finished dead last on Sunday and finished eighth, is third in the points classification, ahead of Lotus’ Kimi Raikkonen.

Finn Raikkonen finished third on Sunday, and is the favourite to become F1′s sixth different winner of 2012 in Monaco in a fortnight.

“We showed we still have the speed,” the Lotus driver said after the Spanish grand prix. “If we had a few more laps, we could have fought for a victory.”

F1′s season of confusion looks set to continue, with an uncertain weather forecast only adding to the uncertainty ahead of the Spanish grand prix.

The bizarre 2012 contest stepped into yet another gear on Saturday, with events unfolding to put the previously-derided pay driver Pastor Maldonado on pole, alongside the crisis-ridden Ferrari’s Fernando Alonso.

And the Pirelli tyre predicament, worsened on the challenging Circuit de Catalunya layout and under hot Spanish skies, will continue to confound teams on Sunday, with temperatures set to drop and rain clouds predicted to gather.

“I am telling you now, honestly,” said Red Bull’s Mark Webber. “We don’t have even the slightest idea who will benefit when it gets colder.”

The German magazine Auto Motor und Sport laid out the fascinating if bewildering situation as of Saturday in Spain: “Sebastian Vettel doesn’t know why his car suddenly lost grip in qualifying.

“Jenson Button has no idea why he couldn’t generate any tyre temperature on the 40 degrees track. Williams don’t know why Pastor Maldonado clocked the second fastest lap.

“Mercedes’ engineers had to admit they still don’t understand the Pirelli rubber.”

Acting team principal Bob Bell smiled tortuously: “If we did understand, we’d be on pole. But even Pirelli don’t know all the answers.”

Writing in O Estado de S.Paulo newspaper, Livio Oricchio estimated there are up to 12 candidates for victory.

“A grid of madness!” said former F1 driver Patrick Tambay on France’s RMC Sport. “And it’s not over yet.”

So, is Michael Schumacher – having sat out Q3 in order to save tyres for the race – now even more critical of Pirelli?

“I’ll leave it with what has already been said,” he insisted late on Saturday.

Bernie Ecclestone claims he is close to reaching an agreement with Mercedes over the future of the German marque’s involvement in formula one.

The parties have been at loggerheads over the F1 chief executive’s refusal to offer to Mercedes the same Concorde Agreement deal reached with other top teams Ferrari, McLaren and Red Bull.

In response, it has been suggested not only that the situation threatened the sport’s floatation plans, but that Mercedes could sensationally quit F1 at the end of this year.

“We are now 80 per cent there,” Ecclestone told the German newspaper Bild am Sonntag in Barcelona.

“The other 20 per cent, we will get there soon,” he added.

“We have spoken with several Mercedes managers. I am sure we will see more of Mercedes in formula one.”

Bild said the deal being discussed between Ecclestone and the Stuttgart based carmaker will see Mercedes in F1 at least through 2020.

Norbert Haug, however, sounded surprised.

“I have to apologise, but we don’t want to give any information at the moment about the state of the negotiations,” Mercedes’ motor racing vice-president insisted.

Circuit de Catalunya, Barcelona
Friday, 11th of May 2012
Weather: Sunny – Air 30ºC, Track 45ºC

10.00-11.30 FORMULA 1 PRACTICE SESSION 1
Pedro de la Rosa F112-02 #22 23rd (19 laps) 1:29.107
Dani Clos F112-03 #23 24th (19 laps) 1:31.618

14.00-15.30 FORMULA 1 PRACTICE SESSION 2
Pedro de la Rosa F112-02 #22 23rd (26 laps )1:28.235
Narain Karthikeyan F112-03 #23 24th (2 laps)

The time has finally come and the highly anticipated Spanish Grand Prix finally got underway today with the first free practice sessions at the Circuit de Catalunya (4.655 km). The day started with Dani Clos lining up alongside Pedro de la Rosa, making it a historic moment for the team and Spanish motorsport as a whole. The Spanish duo were able to try out the aerodynamic upgrades and compare data until Clos’ car came to a halt as a result of an electrical issue towards the end of the session.

The team worked hard at midday to solve the problem and get Narain Karthikeyan out on the track on time for the second session. It wasn’t to be but the team continued to fight against the clock and, in the end, the Indian driver was able to get on the track with half an hour to go in the session. But the car said enough was enough immediately and Karthikeyan wasn’t even able to finish two laps. On his behalf, de la Rosa completed a total of 26 laps comparing the two aerodynamic options with the two tyre options.

“I’m happy to have got into the car for the first time today, albeit for a short first encounter. The feeling I had when I left the pits and saw the Spanish crowd, whilst driving for a Spanish team alongside Pedro, was unbelievable. It was my first time in the new car and I wasn’t 100% comfortable since the car is built for Narain, so I had to adapt. We were able to carry out some aerodynamic work and try out some different things on the car so I’m pleased to have completed my job for the team”.

Pedro de la Rosa: “Today was the day to try out the aero package we’ve brought to Barcelona, so we completed various short stints to see how the car behaved with the changes. It was interesting because the car has effectively taken a step forwards, but we need an even bigger step, especially at such a tough circuit as this one where there are many quick turns and where you need to improve the balance of the car. There’s still plenty to do and a lot of data to analyze to have a better understanding of how to get the most out of these upgrades”.

Narain Karthikeyan: “I’m disappointed to have not got any laps under my belt today; it’s certainly not how I was aiming to start my weekend in Barcelona. Tomorrow will be an uphill struggle as we’ve only got one hour in the morning to get the car ready for qualifying in the afternoon, so we’re really going to have to get our heads down and work hard. Hopefully we can make up for the time lost today and turn things around tomorrow”.

Luis Pérez-Sala, Team Principal: “Today was a day of mixed feelings. On one hand it was very nice to see Dani make his debut but on the other hand we suffered a lot of electrical issues on Narain’s car. It’s a new chassis and there’s a lot of work to do with any new car so it’s not that strange for things to not work out first time round. It looks like the upgrades we’ve brought have worked well, which makes us optimistic for the future. Now we have to fix our immediate problems and work so that the weekend turns out the best way possible”.

Stefano Domenicali has ruled out responding to Ferrari’s latest crisis with the old ‘rolling heads’ technique.

One perception in the paddock is that the fabled Italian team, under intense pressure from the Tifosi and president Luca di Montezemolo, often reacts by emotionally shedding staff, with Aldo Costa and Chris Dyer the obvious recent examples.

So, having installed new faces including Pat Fry but still struggling with the latest F2012 project, will boss Domenicali set heads rolling again?

“Firing people is the work of two minutes,” he is quoted by Germany’s Auto Bild, “but this would not solve our problem.

“Instead I need to find new people who can improve the organisation and push the engineers to improve the car,” added the Italian.

In the meantime, there is no silver bullet.

“I am not happy with the F2012 project,” he acknowledged.

“But if you want to see the glass half full rather than half empty, then Fernando has done a great damage control and, with an improved car, he at least has the possibility to continue to fight for the championship.

“We have to improve,” Domenicali insisted. “I have asked my people to wake up and respond, and I will no longer hear excuses.”

Volkswagen, the German carmaking giant, has played down suggestions it could launch a formula one project some time soon.

“There are always rumours about Volkswagen and formula one,” said Jost Capito, who has taken over from Kris Nissen as the head of the Wolfsburg-based company’s motor racing boss.

However, he is quoted by Germany’s Sport1 as insisting that VW is only concentrating on its world rally programme.

“The WRC programme is approved from 2013 to 2015,” Capito insisted. “There is no room to think about anything else.

“It (F1) is not on our radar,” he is also quoted as saying by France’s L’Equipe. “Our hands are full already.”

In the wake of BMW, Honda and Toyota’s departures, the only mass production carmakers in F1 are Renault – as an engine supplier – and Mercedes.

Ferrari, McLaren, Lotus and Caterham produce niche sports cars.