Formula 1 teams prepare for urgent talks

Formula 1 teams prepare for urgent talks

30 April 2014 – Formula 1's 11 teams will meet at Biggin Hill, south of London, on Thursday for crunch talks over the financial future of the sport.

FIA President Jean Todt called the meeting last month to 'clarify the means to achieve a substantial F1 team cost reduction' following confirmation that initial plans for a cost cap had been scrapped.

The meeting comes after four of Formula 1's smaller teams - Force India, Sauber, Marussia and Caterham - angrily wrote to the FIA to question why the cost cap had been abandoned, after all 11 teams had previously agreed its implementation.

Those four teams do not sit on the Strategy Group, which is made up of six votes from the FIA, six for the Commerical Rights Holder and six for the Formula 1 teams, currently represented by Red Bull, Mercedes, Ferrari, McLaren, Williams and Lotus.

Smaller teams have repeatedly vented their frustration against the way revenue is distributed among the teams, with an estimated £70m gap between the top outfits and those towards the lower end of the championship table, a number of which are struggling financially.

The 'big' six teams believe that a three-year cost reduction plan will aid the sport, but while Force India's Deputy Team Principal Bob Fernley says the smaller teams are willing to listen, they cannot understand why the cost cap was shelved.

"I think it's difficult to tell until we listen to what the FIA comes up with," he told Autosport. "They've made a directional change, we've challenged that change, they've now set a meeting up and we need to listen before we can make the next step.

"We can't understand why there is this direction change because there's no mandate for it. There is no provision to change tack - it's about delivering on what we've all agreed needs delivering."

Sauber's Team Principal Monisha Kaltenborn believes that Formula 1 urgently needs to make a decision on its financial future.

"What is commonly known, particularly from the FIA side, is that there was a meeting of the teams and following that there was a press release from the FIA that the budget cap had been agreed in principle," she said.

"Everybody was in agreement with this as well as generally reducing costs. We failed to understand in the process where the budget cap has been rejected, we were never informed officially and know it only through the media.

"I have the hope that with this meeting coming up on May 1 that we will come to some conclusion and that it's not going to be just one of the meetings we've had before without a significant step.

"Time is running [out] and we have soon the middle of the year when we need to make a decision because we need to have this in place at the beginning of next year. It's important for the credibility of the key players in the sport, because there were public announcements made that we want to have this in place for next year."

related

Comments

Latest News
Full
Compact

  1. Monday 16 January 2017

  2. 17:02

    New: Follow GPUpdate on Instagram!

    F1
  3. Haas' 2017 challenger passes crash tests 16:27

    Haas' 2017 challenger passes crash tests

    Haas' new Formula 1 challenger has passed the FIA's mandatory crash tests. Formula 1 will enter a new era of technical…

    F1
  4. Video: Bottas addresses Mercedes staff 16:12

    Video: Bottas addresses Mercedes staff

    Watch as Valtteri Bottas addresses Mercedes staff after joining the team for the 2017 campaign.

    F1
  5. Rosberg becomes Mercedes ambassador 15:57

    Rosberg becomes Mercedes ambassador

    World Champion Nico Rosberg has accepted an ambassadorial role with Mercedes, following his retirement from Formula 1, the team…

    F1
  6. Wolff: Bottas a 'great fit' for Mercedes 15:45

    Wolff: Bottas a 'great fit' for Mercedes

    Mercedes boss Toto Wolff has described Valtteri Bottas as a "great fit" for the team, after confirmation that he will replace…

    F1
  7. 15:12

    Confirmed driver line-ups for 2017 season

    F1
  8. Mercedes officially confirms Bottas deal 15:05

    Mercedes officially confirms Bottas deal

    Mercedes has formally announced that Valtteri Bottas will replace the retired Nico Rosberg and partner Lewis Hamilton for the…

    F1
  9. Massa re-joins Williams on one-year deal 14:38

    Massa re-joins Williams on one-year deal

    Williams has announced that Felipe Massa has agreed to re-join the team on a one-year deal for the 2017 season, to race…

    F1
  10. McLaren to launch car on February 24 12:16

    McLaren to launch car on February 24

    McLaren has announced that it will launch its 2017 challenger on February 24. McLaren will present its latest Honda-powered…

    F1
  11. Wehrlein completes Sauber's line-up 12:11

    Wehrlein completes Sauber's line-up

    Sauber has announced that Mercedes junior Pascal Wehrlein will represent the team in the 2017 Formula 1 season, alongside Marcus…

    F1
  12. Video: IndyCar drivers in 'breakout room' 12:02

    Video: IndyCar drivers in 'breakout room'

    Find out how Scott Dixon, Tony Kanaan and Alexander Rossi fare when locked in a 'breakout room'.

    Indy
  13. Repsol Honda to launch on February 3 10:24

    Repsol Honda to launch on February 3

    Repsol Honda will conduct its 2017 presentation in Jakarta, Indonesia on February 3. Repsol Honda collected four successive…

    MotoGP
  14. Rookie Stroll not creating 'false expectations' 09:32

    Rookie Stroll not creating 'false expectations'

    Williams rookie Lance Stroll says he is not setting himself any targets during his rookie campaign in a bid to avoid creating…

    F1
  15. Video of the Day: DS Virgin car rebuild 05:24

    Video of the Day: DS Virgin car rebuild

    DS Virgin Racing looks at how it repaired Sam Bird's car following a practice crash at the Marrakesh ePrix.

    FE
  16. Sunday 15 January 2017

  17. Williams sure Massa will still be motivated 14:54

    Williams sure Massa will still be motivated

    Williams Deputy Team Principal Claire Williams is sure that Felipe Massa would still be motivated to compete in Formula 1…

    F1
  18. Bautista: Fighting in top five 'realistic' 13:28

    Bautista: Fighting in top five 'realistic'

    MotoGP rider Álvaro Bautista has set himself a "difficult but realistic" objective of fighting in the top five when he returns…

    MotoGP
  19. Video: Yamaha teases 2017 M1 launch 12:24

    Video: Yamaha teases 2017 M1 launch

    Yamaha gears up for its 2017 launch with this teaser video, featuring Valentino Rossi and Maverick Viñales.

    MotoGP
  20. Newey: 2017 regulation changes 'a mixed bag' 11:19

    Newey: 2017 regulation changes 'a mixed bag'

    Red Bull Chief Technical Officer Adrian Newey has described the 2017 Formula 1 regulation changes as a "mixed bag" and is wary…

    F1
  21. Yamaha set for 2017 launch on January 19 10:23

    Yamaha set for 2017 launch on January 19

    Yamaha will conduct its 2017 team presentation in the Spanish capital, Madrid, on January 19 (Thursday), where it will unveil…

    MotoGP
  22. 08:55

    Photos: TRS at Mike Pero Motorsport Park

    Toyota
  23. Verschoor takes early TRS title advantage 08:54

    Verschoor takes early TRS title advantage

    Red Bull protégé Richard Verschoor carved out an early points lead in the Toyota Racing Series after the opening round of the…

    Toyota
  24. Video of the Day: IndyCar's 'breakout room' 05:00

    Video of the Day: IndyCar's 'breakout room'

    How do IndyCar drivers Scott Dixon, Tony Kanaan and Alexander Rossi fare when locked inside a 'breakout room', with only 60…

    Indy
  25. Saturday 14 January 2017

  26. Moss recovering from 'serious chest infection' 18:22

    Moss recovering from 'serious chest infection'

    Sir Stirling Moss is in a stable condition in a Singaporean hospital after suffering from a serious chest infection in the…

    F1
  27. Stroll braced for 'challenging' test schedule 15:16

    Stroll braced for 'challenging' test schedule

    Williams rookie Lance Stroll says he is braced for a "challenging" pre-season testing period as he builds up to his Formula 1…

    F1
  28. MotoGP round 'very important' for Silverstone 12:24

    MotoGP round 'very important' for Silverstone

    Holding a round of the MotoGP championship is "very important" for Silverstone, according to BRDC President Derek Warwick, who…

    MotoGP
  29. Agag sees Gutiérrez as 2017/18 FE contender 09:16

    Agag sees Gutiérrez as 2017/18 FE contender

    Formula E CEO Alejandro Agag believes Esteban Gutiérrez has the ability to fight for the 2017/18 title, with the Mexican poised…

    FE
  30. Video of the Day: Nico Prost quickfire Q&A 05:00

    Video of the Day: Nico Prost quickfire Q&A

    Watch as Renault e.dams racer Nico Prost, son of F1 champion Alain, answers a series of quickfire questions.

    FE
  31. Friday 13 January 2017

  32. Norris: McLaren prize will aid F1 goal 16:03

    Norris: McLaren prize will aid F1 goal

    Rising British star Lando Norris says that his McLaren BRDC Autosport award win will help his progress this year in his quest to…

    F3
  33. Ducati to present 2017 bike on January 20 14:42

    Ducati to present 2017 bike on January 20

    Ducati will present its 2017 MotoGP bike during an official launch on January 20. The Italian team has made gains across the…

    MotoGP
  34. Warwick eyes 'compromise' over British GP 13:46

    Warwick eyes 'compromise' over British GP

    British Racing Drivers' Club President Derek Warwick is hopeful that Silverstone can find a "compromise" over the future of the…

    F1
  35. 13:42

    Overview: 2017 GP3 Series driver line-up

    GP3
  36. Falchero to make GP3 debut with Campos 13:41

    Falchero to make GP3 debut with Campos

    Campos has confirmed French youngster Julien Falchero as its first driver for the 2017 GP3 championship. Falchero, 19, moves…

    GP3
  37. Video: The future of electric vehicles 12:02

    Video: The future of electric vehicles

    Formula E considers the future of electric vehicles as it remains at the cutting edge of development.

    FE
  38. Toro Rosso's new car passes crash tests 10:51

    Toro Rosso's new car passes crash tests

    Toro Rosso is the second team to confirm that its new car has passed the FIA's crash tests. Formula 1 will enter a new era of…

    F1
  39. Brundle reveals Monaco GP heart attack 10:46

    Brundle reveals Monaco GP heart attack

    Ex-Formula 1 driver turned commentator Martin Brundle has revealed that he suffered a minor heart attack during Sky Sports…

    F1
  40. Hembery expects more one-stop races 09:06

    Hembery expects more one-stop races

    Pirelli motorsport boss Paul Hembery says he is expecting "a lot more" one-stop races throughout the 2017 season, as a result of…

    F1
  41. Video of the Day: IndyCar tech inspection 05:28

    Video of the Day: IndyCar tech inspection

    IndyCar guru Jon Beekhuis explains how the technical inspection process has developed over the years.

    Indy
  42. Thursday 12 January 2017

  43. IndyCar extends Dallara deal through 2020 15:16

    IndyCar extends Dallara deal through 2020

    IndyCar has extended its deal with chassis manufacturer Dallara through 2020. Italian company Dallara began its IndyCar…

    Indy
  44. McLaren to launch car 'right before' testing 15:06

    McLaren to launch car 'right before' testing

    McLaren has yet to settle on a launch date for its 2017 car but will likely present it "right before" pre-season testing begins…

    F1
  45. Palmer's MSV acquires Donington Park 12:12

    Palmer's MSV acquires Donington Park

    Jonathan Palmer's MotorSport Vision (MSV) has added Donington Park to its UK portfolio. MSV announced on Thursday that it had…

    Misc
more news