Formula 1 abandons cost-cutting plans
6 April 2014 – Formula 1's plans for a cost cap from 2015 have been scrapped, according to FIA President Jean Todt.
The governing body announced in December of last year that it intended to introduce cost-cutting measures from next season, and it hoped that full agreement over its implementation would be agreed by June 2014.
But Todt, attending his first Grand Prix of the season in Bahrain, revealed that the six teams on Formula 1's Strategy Group – Red Bull, Ferrari, Mercedes, Williams, McLaren, and Lotus – are now against the idea.
"Most of the teams were in favour of the cost cap, but I understand that all the teams that are part of the Strategy Group are against it now," Todt said of the situation. "So clearly, if the commercial rights holder, and if six teams, which means 12 of 18 are against, I cannot impose it. It's mathematics. So in this case, no more cost cap."
Teams have suggested that cost cuts through technical and sporting regulations would be much easier to enforce than a full-blown cost cap, but Todt says he is disappointed to see the concept fall through.
"In a way I am disappointed as it may be more difficult to achieve the reduction which I feel is needed," he said.
"But everyone says we are all in favour of reducing the cost, and through sporting and technical regulations."