- FIA
Todt renews cost cap campaign
FIA president Jean Todt is hoping to revive plans for a cost cap in Formula One in an attempt to ease the sport's financial crisis.
Earlier this year, plans to adopt a cost cap were rejected by F1's Strategy Group, which is made up of six teams - Ferrari, Red Bull, Mercedes, McLaren, Williams and Lotus - and the FIA and FOM. Later in the season the sport's two smallest teams, Caterham and Marussia went into administration, and although Caterham raced in Abu Dhabi its future remains uncertain.
Lotus, Force India and Sauber are currently campaigning for a fairer split of the $900 million of F1's revenues which is given out in prize money each year, but Todt is still determined to tackle the cost of competing.
"We know Formula One has cost too much money for decades now," Todt was quoted by Press Association Sport. "There are four main problems in Formula One right now: reducing the costs overall, optimising the show, reducing the power unit costs for the private teams and trying to keep everybody on board.
"We tried in the past with our governance by asking all the teams to reduce costs, not by limiting developments, but limiting the number of parts produced.
"Of the FIA, the commercial rights holder and six (Strategy Group) teams I was the only one who encouraged the list of parts to be reduced and action to be undertaken to reduce costs, but all the others were not in favour.
"Then we spoke about a cost cap, but even Lotus, who say today it [the sport] is too much money and we should have a cost cap, voted against. What can we do? So we are going to present again to the different stakeholders of the Strategy Group the same proposals which were refused.
"Do they want a cost cap? Do they want to follow the proposals we have to reduce the costs? We will see."
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