Progress being made on cost cap regulations
28 March 2014 – Formula 1 team bosses have confirmed that good progress is being made on cost control regulations, which will come into effect from January 2015.
The World Motor Sport Council is set to ratify the regulatory process by the end of June this year in a bid to reduce some of the financial strain on Formula 1 teams.
"I think progress is being made, I think it’s difficult to say whether it’s on target, behind or ahead because there’s no real blueprint for this at all," said Marussia's Graeme Lowdon.
"What there has to be is just a will amongst the teams for it to happen for the good of the sport and I think it would be for the good of the sport. I remain optimistic that something will happen within the timeframe and it will improve Formula 1," he said.
A figure of $200m per year has reportedly been proposed, but Lowdon added that it was difficult to decide on a definitive figure.
"It's difficult to put a number on it, it’s more to do with the mechanism, a combination of cost control and how revenues come into the sport," he said.
"I think that one of the key things that we can learn from other sports is that it is entirely possible to do this, I think that’s something that’s really important. You still hear people saying that it might be difficult or it might even be impossible to do it and I personally think that’s nonsense.
"Formula 1 has introduced the biggest technical change that we’ve seen certainly in my generation and it’s been done successfully. Most other global sports have introduced - for the better of the sport - financial mechanisms which do work to greater or lesser extents but they do work and therefore I think one of the things that I would be really keen to see emphasised is that these mechanisms do work, they can be done and it’s certainly not impossible."
Caterham's Cyril Abiteboul added that numbers have yet to be decided. "I think some figures have already circulated," he said. "It depends what we want to achieve. I think a first step at 200 million would already do something.
"That’s not necessarily the official Caterham position in that respect, that’s a figure that has been mentioned and that would already have an effect. Then to scope the currency also, I don’t think we have mentioned currency, it’s maybe a debate for a future date."