FIA and teams to meet over cost reductions
12 April 2014 – Formula 1 teams will meet with the FIA next month to discuss ways in which costs can be reduced for the sport's competitors.
FIA President Jean Todt announced last weekend in Bahrain that plans to introduce a cost cap for teams from 2015 had been abandoned but the sport's governing body remains eager to bring costs under control.
At a meeting of the World Motor Sport Council in Morocco, it was agreed that Formula 1's 11 teams would meet with Todt and Formula 1 supremo Bernie Ecclestone in order to discuss financial regulation.
There remains the hope that 'substantial' cost reductions will be agreed at the meeting next month, which would then be swiftly ratified by Formula 1's Strategy Group.
'The FIA, the Commercial Rights Holder (CRH), and all the F1 Teams have recently confirmed their commitment to work on cost reduction', read an FIA statement.
'Accordingly, the FIA President Jean Todt and the CRH Bernie Ecclestone will organise a meeting with all the F1 Teams on 1 May 2014, followed by a F1 Strategy Group meeting, to clarify the means to achieve a substantial F1 Team cost reduction.'