Sports Mole rounds up all of the latest news regarding Formula 1 on Thursday, October 15.

Thursday morning's Formula 1 news roundup:

Portimao paying 'much lower' price for F1 race

Portimao is paying a "much lower" price for joining the Formula 1 calendar in 2020.

The Portuguese circuit, set to host its first ever grand prix next weekend, is one of several venues drafted in this year to fill the calendar gaps amid the corona crisis.

"Each race in Europe costs EUR 30-50 million, but our numbers, which are under contract and not public, are much lower," said Paulo Pinheiro, the race promoter.

Liberty Media is picking up the tab this year to keep the sport's wheels turning, but F1 CEO Chase Carey insists next year's race schedule will hopefully be "closer to normal".

However, Pinheiro is still confident the Portuguese circuit can have a future in Formula 1.

"There are many circuits with contracts, but the possibility of introducing a rotation of races allows us to dream," he told the Portuguese source A Bola.

"Our circuit is attractive and the grand prix is generating a lot of expectations," Pinheiro added.

"We are complying with the schedule and the specifications, which are complex and demanding. We have replaced the asphalt and installed new signage, bridges and kilometers of cables," he smiled.

"Our team is only 55 people but we are highly motivated to fulfil the dream of a lifetime."

Seidl denies McLaren needs prize money boost

Andreas Seidl has defended McLaren's latest car developments.

Recently, the British team debuted a Mercedes-style nose alongside other new parts, but Carlos Sainz said at the Nurburgring that the older spec was faster.

The Spaniard is switching to Ferrari next year but he doubts McLaren is hiding anything from him about the developments for 2021.

"We're working as usual. Nobody hides anything from anyone, including me," Sainz insists.

Team boss Seidl, meanwhile, rejects any suggestion that McLaren's new parts - clearly the development direction for next year - do not work as planned.

"We firmly believe in the new concept," he insists.

"The new nose is a major change in the aerodynamic concept," the German explained to Auto Motor und Sport. "We just need more time to develop the full potential and we didn't get that with the cancellation of Friday."

With Ferrari struggling in 2020, the stakes are high for the teams behind top-two chargers Mercedes and Red Bull.

Racing Point, McLaren and Renault are all separated by just four points for the coveted third place in the constructors' championship.

The difference between third and fourth is many millions in prize money, but Seidl denies that McLaren desperately needs the extra cash amid the corona crisis.

"It has no direct influence on our future whether we finish third or fifth," he said. "We are well positioned with our business plan.

"Before the season we never expected to be in the position to finish third."

More news from Formula 1:

Bottas needs 'miracle' to win 2020 title
Valtteri Bottas admits he needs a "miracle" to beat his Mercedes teammate to the 2020 title. Read more.

Still no engine talks with Red Bull - Abiteboul
Cyril Abiteboul says Red Bull is still yet to ask about a supply of customer engines for 2022. Read more.

Honda's F1 boss explains decision to stay in Indycar
Honda has defended its decision to pull out of Formula 1 whilst at the same time extending its commitment to the Indycar series. Read more.

Daimler to slash Mercedes' F1 budget
Daimler, the dominant Mercedes team's carmaker parent, intends to slash the amount of money it spends on Formula 1. Read more.