As the roulette wheel spins in 2012, Nico Hulkenberg has admitted he finds himself without a chip on the board.

McLaren, Ferrari, Mercedes, Red Bull and Williams have already won so far this season, whilst Lotus and Sauber have shown genuinely winning pace.

The three backmarkers aside, that leaves just Force India and Toro Rosso as perhaps the only teams without genuine chances of victory so far this year.

“According to our measurements, Williams and Sauber were the fastest cars in Barcelona. They must now be counted among the top teams,” said Force India driver Hulkenberg.

It’s a disappointing situation for the Silverstone based team, a distant eighth in the championship.

“We have definitely improved, especially in traction, but in the fast corners Sauber and Williams are better than us,” Hulkenberg acknowledged to Auto Motor und Sport.

The German admitted Force India has a few tenths to find.

“We have no choice but to develop, because we are behind,” said Hulkenberg. “It’s important to find a good balance between improving the car and understanding it.”

Force India’s 2012 goal, fifth in the constructors’, seems a long way away.

That place is currently occupied by Shanghai winner Mercedes, who are flanked by Malaysia and Spain winners respectively, Ferrari and Williams.

“It is still possible,” Hulkenberg insisted, “although difficult, because the others are still going to be getting points.”

Money could be at the heart of the delay in Lewis Hamilton’s re-signing with the McLaren team.

Until now, the British team has indicated it wants the 2008 world champion to stay on board, while 27-year-old Hamilton insists he has no plans to leave and will turn his attention to the 2013 contract soon.

But according to Blick newspaper, McLaren is pushing to cut Hamilton’s existing contract retainer “in half” to “about EUR 10 million”.

The Swiss report said the driver is unimpressed with the negotiations so far, but at least Hamilton’s mood has improved tenfold compared with his calamitous 2011.

It is a full year since Hamilton raged about his “frickin ridiculous” track rivals in the 2011 Monaco grand prix, when he also half-seriously suggested that the stewards were targeting him “because I’m black”.

He is back on top form this season, but still yet to win a race, arguably mainly due to McLaren’s numerous team mistakes.

Reports have suggested boss Martin Whitmarsh, who insists Hamilton “deserves” to win this weekend in Monaco, is worried the mistakes might drive the highly rated racer away.

On Wednesday, however, Hamilton denied he is frustrated.

“I’m not, no. This is the way racing goes sometimes,” he insisted.

“I could easily get frustrated because I could have a healthy lead in the championship — but that’s not the case.

“I don’t want to speak too early but something has definitely changed. Whatever I’m doing is working,” he told British reporters.

“In life, things just seem a lot better and that’s enabling me to get on with my job without having any baggage.”

Paul di Resta has hinted he would leap at the chance to replace Michael Schumacher at Mercedes.

The German marque’s Brackley based chief executive Nick Fry this week earmarked impressive Force India driver di Resta, earlier a Mercedes protege, as an ideal successor should Schumacher not stay beyond his 2012 contract.

Asked about Fry’s comments and the media speculation on Wednesday, di Resta said in Monaco: “It’s always nice to have the press interest and people looking out for you, but I need to stay focused on doing the best job I possibly can.”

He told Sky Sports News: “It’s no secret that I want to be a race winner and world champion — and to do that, I need to be in a great car.”

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.

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.

Felipe Massa has played down reports he is at risk of losing his Ferrari seat soon, insisting he feels fully supported by Ferrari.

The Brazilian has struggled at the wheel of Ferrari’s difficult 2012 car so far, scoring just 2 points compared with his teammate and joint championship leader Fernando Alonso’s 61.

It has triggered speculation the Maranello based team might replace him, also because Ferrari said after Barcelona it is “expecting” Massa to improve “right away”.

Whilst working at Maranello in the driver simulator on Friday, however, Massa insisted he has not been far away from Alonso at recent races.

“I think we must also take into account that, at the moment, Fernando’s driving is amazing: he is on super form, maybe even perfect,” he is quoted as saying in a Ferrari statement.

Asked if he feels the famous Italian team’s support, he added: “Absolutely, yes, I feel the whole team stands by me.

“Obviously, they are not happy with the results and neither am I: we all want to get out of this (situation) and return to normal.

“It’s possible and for sure it’s what I want and I know that with the team’s help we will manage it,” said Massa.

Flavio Briatore could be readying to burst back into formula one.

Germany’s Auto Motor und Sport said the ousted and formerly banned Italian is busily writing regulations for a ‘GP1′ championship.

They could be adopted should the FIA not sign up to the 2013 Concorde Agreement, according to the report.

Apparently, the political rumblings in F1 at present are not limited to the sport’s planned floatation, or Bernie Ecclestone’s spat with Mercedes.

Cost-control is also a buzzword. As reported recently, the vast majority of F1′s teams want the FIA to enshrine cost-cutting in the actual sporting regulations, even to the point of pushing for a once highly-controversial budget cap.

F1 chief executive Ecclestone, however, is not famously close with the FIA’s new president Jean Todt, and according to Auto Motor und Sport he is not convinced that the Paris federation needs to write and control the rules.

Enter Briatore. The German report said Ferrari will be a fan of the former Renault chief’s rumoured regulations, as they steer away from the premium on aerodynamics.

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.”

Last Sunday proved that Pastor Maldonado is no mere ‘pay driver’.

“If he was a fool, he would not be with us, no matter how much money he brings,” Sir Frank Williams is quoted by Brazil’s Globo Esporte.

Venezuelan Maldonado, whose links to the state owned oil company PDVSA and president Hugo Chavez controversially deliver many millions to Williams’ Oxfordshire based team, became F1′s fifth different winner of 2012 last weekend in Spain.

It has helped him to shake off the ‘pay driver’ insult, Williams insisting he is now a potential world champion instead.

“Without a doubt. He is very fast and makes no mistakes,” the newly 70-year-old Briton said.

Williams does, however, acknowledge that Maldonado’s money was a key factor in the decision to sign him.

“Yes, it was to some extent,” he said. “I don’t deny that. But he’s also a real driver. He fully deserves to be on the team, with or without money.

“The truth is that if you don’t have money, you don’t get to be in formula one,” added Williams.

Team shareholder Toto Wolff agrees: “If you want to race in GP2, you need a few million pounds. So, the drivers need not only to be fast and talented, but able to attract the sponsors.

“So let’s forget this thing about ‘pay drivers’,” he insisted.

Triple world champion Nelson Piquet, however, has some lingering doubts.

He ran Maldonado in his own GP2 team some years ago, and this week recalled a driver who was often “too aggressive” and made too many mistakes.

“We’re not talking about a guy who shone in his youth, like Nico Rosberg,” said the famous Brazilian, “or someone like Lewis Hamilton, who always had everything he needed thanks to Ron Dennis.

“In GP2, when you don’t stand out in your second year, you begin to be doubted. In Maldonado’s case, he only shone in his fourth year.

“Perhaps because of this he only made it to formula one as a paying driver, without having anything special, apparently. He was perceived as just a good pilot, but clearly no Alonso.

“Now he was at the right place at the right time but he still managed to beat Alonso in Spain as well as another world champion, Kimi (Raikkonen). So hats off to him.”

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.”

Sebastian Vettel has defended his former mentor Michael Schumacher.

The seven time world champion has been roundly criticised since last Sunday’s Spanish grand prix, after crashing into Williams’ Bruno Senna at the end of the Barcelona straight.

He called the Brazilian driver an “idiot” on the radio and later defended the outburst, but the FIA did not agree, imposing a five-place qualifying penalty for Monte Carlo for causing a collision.

“For us, that manoeuvre of Michael’s cost us a lot,” Red Bull team principal Christian Horner said on Austrian Servus TV.

He said the debris from the crash not only damaged Vettel’s front wing, but led to the reigning world champion having to serve a drive-through penalty due to activating his DRS wing in the yellow-flag zone.

German Vettel, however, defended Schumacher.

“In those situations we don’t have much time of course,” he said, “and you can get very great speed differences (between the cars) on the straights.

“I think it should be classified simply in the category of racing accidents. Unfortunately it happens,” said the reigning world champion.

“Of course you can always say what is what afterwards,” added Vettel, “just as you can say that it always takes two to tango.”

Mercedes’ Norbert Haug was less eager to comment, although he did tell Germany’s Sport1 that the team “accepts the verdict of the race stewards”.

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.”

Felipe Massa’s formula one career is on the brink of collapse.

Ferrari boss Stefano Domenicali left Barcelona insisting he expects the struggling Brazilian to “fight back starting in Monaco”.

“We absolutely need his points to also fight for the constructors’ title,” he said.

Earlier, the Maranello based team said on Twitter that Ferrari is “disappointed with” the 30-year-old’s performance.

When asked about that comment, a Ferrari spokesman told the Sunday Times: “It was a poor choice of grammar. We are disappointed in the outcome of Felipe but not with Felipe himself.”

But the very latest development is that Ferrari is now making it abundantly clear that Massa needs to up his game immediately.

In a statement posted on its official website, Ferrari said Massa’s teammate Fernando Alonso “has always maintained a very high level”.

As for Massa, his “drop off has made itself felt”, the report stated.

“The Brazilian had picked up 49 points two years ago and 24 the following year, while so far this season he has just 2,” said Ferrari.

“Everyone, he more than anyone, is expecting a change of gear starting right away with the Monaco grand prix”, the statement concluded.

Even Massa’s strongest supporters in Brazil, like the O Globo journalist Celso Itibere, admit the situation is dire.

“He is at risk,” said Itibere, “his decline is progressive, he is failing to react and he runs the real risk of not finishing the season.

“At this time Ferrari has no one to take the job. Everyone they would like to have there – Perez, Kobayashi, Webber – are not available.”

Tuesday’s edition of the Italian sports daily Corriere dello Sport will report that Massa’s ousting is imminent.

And the latest edition of La Gazzetta dello Sport did not even once mention Massa’s name. “It is as though he does not exist,” wrote the Brazilian journalist Livio Oricchio in O Estado de S.Paulo newspaper.

“Yet it is an Italian newspaper, and he is a Ferrari driver.”

When asked if he fears for his F1 career, Massa said in Barcelona last weekend: “No. I live in the present. What will happen will happen.”

Asked if he is afraid another bad performance will seal his fate, Massa insisted: “I’m not afraid of anything, especially criticism. It doesn’t affect me.”

The drama stepped up a notch even after the chequered flag in Barcelona.

A couple of hours after Williams’ first win since 2004, something exploded in the British team’s garage, triggering a major fire.

Team members and fire crews battled the blaze as paddock regulars scrambled away from the heavy smoke and police arrived on the scene.

The Telegraph’s Tom Cary said on Twitter there are “multiple injuries”.

It is believed Williams, Force India and Caterham staff – some of whom bravely fought the fire – are being treated in the medical centre, some for smoke inhalation.

An emergency helicopter will ferry others to hospital.

“Couple of our guys got injuries, burns and maybe one broken wrist, no news on Williams guys I hope they’re ok,” wrote Caterham’s Heikki Kovalainen on Twitter.

Rumours indicated the fire could have been caused by a KERS explosion, or possibly fuel, as a burned fuel rig was pulled from the gutted garage.