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Wolff wants quick budget solution

ESPN Staff
October 30, 2012 « Martin Whitmarsh says budget cap 'unrealistic' | Ricciardo and Vergne awaiting 2013 confirmation »
Toto Wolff supports either Bernie Ecclestone's budget cap or the RRA, as long as they are introduced by 2014 © Press Association

Williams executive director Toto Wolff wants a quick solution to the budget cap proposed by Bernie Ecclestone.

Ecclestone suggested a $250million all encompassing budget cap during last week, with a number of teams stating their support for the idea as a starting point to lower costs. Wolff, however, told ESPN in an exclusive interview that he is not overly concerned by the detail of the proposal but wants to see some form of cost cutting introduced quickly.

"My opinion is that whatever the system is, we need to make sure that it is implemented quickly, governed in the right way and policed in the right way so everybody complies," Wolff said. "If it's the FIA, or if it's Bernie, it matters that it's properly done.

"I think Bernie's approach is a very effective and simple one; maximum budget, you don't spend more, if you are caught cheating you are penalised - severely penalised - functions well. But we need to sort it out."

When asked whether he supports an overall budget cap or a Resource Restriction Agreement (RRA) which focuses on specific aspects of spending, Wolff replied: "I prefer the one that is implemented quicker so we get started and we don't drag it out too long. That is the most important for me."

Wolff added that he could not see a cap being introduced in time for next season, but feels it is essential that something is in place ahead of the "very annoying" new regulations in 2014.

"I would like it very much to be implemented from 2013 and I think that the majority of the teams would like to have it implemented from 2013. I'm not sure that some of the teams who have no budget constraints would like to have it implemented; it's against their business, it's against their performance, so I think it's not realistic that we have something hard implemented for 2013.

"Yes, yes [2014 is the best time for a cap]. 2014 will be cost-wise - unfortunately - a new dimension. It is very annoying to see that we are spending huge money on new developments when the world is collapsing around us. But these decisions have been made; the door has been closed behind us and now we have to find the most reasonable way."