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 6 July 2015

  2. Hülkenberg hails 'best ever' Formula 1 start 07:34

    Hülkenberg hails 'best ever' Formula 1 start

    Nico Hülkenberg described his start to the British Grand Prix as the best of his Formula 1 career, after jumping from ninth on…

    F1
  3. Video of the Day: Toro Rosso duo make tea 05:24

    Video of the Day: Toro Rosso duo make tea

    Toro Rosso's Max Verstappen and Carlos Sainz Jr. are tasked with making tea for technical chief James Key.

    F1
  4. Sunday 5 July 2015

  5. 17:48

    Latest F1 photos: Sunday at Silverstone

    F1
  6. Alonso blasts first-lap driving standards 17:44

    Alonso blasts first-lap driving standards

    McLaren-Honda's Fernando Alonso hit out at driving standards after the first-lap incident which saw three cars retire from the…

    F1
  7. Grosjean gutted for Lotus after double DNF 17:27

    Grosjean gutted for Lotus after double DNF

    Romain Grosjean says he "feels for everyone" at Lotus after the squad recorded a double retirement at its home race at…

    F1
  8. Williams pair left with mixed feelings 17:09

    Williams pair left with mixed feelings

    Williams drivers Felipe Massa and Valtteri Bottas were left with mixed feelings after finishing fourth and fifth at the British…

    F1
  9. Ricciardo sidelined by electrical issue 16:59

    Ricciardo sidelined by electrical issue

    Daniel Ricciardo's retirement from the British Grand Prix was caused by an electrical issue which affected his ERS-H and K…

    F1
  10. Verstappen caught out by gust of wind 16:48

    Verstappen caught out by gust of wind

    Max Verstappen says a mixture of cold tyres and a gust of wind caught him off-guard as he crashed out of the British Grand…

    F1
  11. Vettel says podium finish 'not a gift' 16:40

    Vettel says podium finish 'not a gift'

    Sebastian Vettel says his podium at the British Grand Prix was "not a gift", arguing that he and Ferrari simply made the correct…

    F1
  12. Rosberg: I had to stay out longer in rain 15:31

    Rosberg: I had to stay out longer in rain

    Nico Rosberg says he had no choice but to stay out longer than team-mate Lewis Hamilton as late rain showers hit the British…

    F1
  13. Hamilton proud of Intermediate tyre call 15:14

    Hamilton proud of Intermediate tyre call

    Lewis Hamilton says he was proud of his decision to pit for Intermediate tyres earlier than his rivals during Sunday's British…

    F1
  14. 14:58

    In full: British Grand Prix race result

    F1
  15. Hamilton wins rain-hit British Grand Prix 14:40

    Hamilton wins rain-hit British Grand Prix

    Mercedes driver Lewis Hamilton extended his advantage at the top of the championship standings by beating team-mate Nico Rosberg…

    F1
  16. 12:43

    Follow the British Grand Prix live!

    F1
  17. 12:02

    Starting grid for the British Grand Prix

    F1
  18. 10:24

    Latest GP2 photos: Sunday at Silverstone

    GP2
  19. Haryanto takes another Sprint Race win 10:21

    Haryanto takes another Sprint Race win

    Rio Haryanto secured his third GP2 victory of the season as he converted pole position into another Sprint Race triumph at…

    GP2
  20. 09:03

    Latest GP3 photos: Sunday at Silverstone

    GP3
  21. Ceccon sweeps to maiden GP3 triumph 08:58

    Ceccon sweeps to maiden GP3 triumph

    Arden driver Kevin Ceccon claimed his maiden GP3 win after a lights-to-flag victory at Silverstone on Sunday morning. Ceccon…

    GP3
  22. Wolff not giving up on F1 race seat 08:34

    Wolff not giving up on F1 race seat

    Williams test driver Susie Wolff says she will not give up on her ambition of securing a Formula 1 race seat until it becomes…

    F1
  23. Verstappen identifies qualifying issue 07:37

    Verstappen identifies qualifying issue

    Toro Rosso's Max Verstappen says he has identified the issue which contributed to his exit from the second phase of qualifying…

    F1
  24. Video of the Day: Felipe Nasr's home 05:24

    Video of the Day: Felipe Nasr's home

    Sauber driver Felipe Nasr takes you on a tour of his family home in Brasilia, Brazil.

    F1
  25. Saturday 4 July 2015

  26. 19:51

    Latest GP2 photos: Saturday at Silverstone

    GP2
  27. Feature Race penalties for Pic, Rowland 19:47

    Feature Race penalties for Pic, Rowland

    Arthur Pic and Oliver Rowland have both been handed penalties by the stewards following Saturday's GP2 Feature Race at…

    GP2
  28. 17:41

    Latest F1 photos: Saturday at Silverstone

    F1
  29. McLaren reprimanded for tyre breach 17:33

    McLaren reprimanded for tyre breach

    McLaren has been reprimanded by the stewards after it fitted Fernando Alonso's car with a tyre outside his allocation during…

    F1
  30. Ricciardo struggles in low-speed corners 17:11

    Ricciardo struggles in low-speed corners

    Daniel Ricciardo pinpointed a lack of grip through Silverstone's low-speed corners after qualifying 10th for the British Grand…

    F1
  31. 17:09

    Latest GP3 photos: Saturday at Silverstone

    GP3
  32. Kirchhöfer fends off Bernstorff for victory 17:07

    Kirchhöfer fends off Bernstorff for victory

    ART driver Marvin Kirchhöfer resisted a late charge from Arden rival Emil Bernstorff to claim victory in the first GP3 race of…

    GP3
  33. Verstappen bemused by lack of pace 16:19

    Verstappen bemused by lack of pace

    Toro Rosso driver Max Verstappen was left bemused by a lack of pace as he was unable to progress through to the top 10 shootout…

    F1
  34. Räikkönen: Ferrari not slipping back 16:14

    Räikkönen: Ferrari not slipping back

    Kimi Räikkönen insists that Ferrari is not slipping back, as both he and team-mate Sebastian Vettel were beaten by the…

    F1
  35. Sirotkin cruises to emphatic maiden win 15:42

    Sirotkin cruises to emphatic maiden win

    Rapax driver Sergey Sirotkin ended Stoffel Vandoorne's string of Feature Race wins by cruising to victory at…

    GP2
  36. Massa pleased to out-qualify Ferrari 14:57

    Massa pleased to out-qualify Ferrari

    Felipe Massa expressed his satisfaction after Williams outpaced Ferrari in Saturday's qualifying session for the British Grand…

    F1
  37. Hamilton hails 'special' Silverstone pole 14:47

    Hamilton hails 'special' Silverstone pole

    Lewis Hamilton spoke of his delight after beating Mercedes team-mate Nico Rosberg to pole position for his home race at…

    F1
  38. 14:14

    British Grand Prix: Qualifying results

    F1
  39. Hamilton beats Rosberg for home pole 14:06

    Hamilton beats Rosberg for home pole

    Lewis Hamilton overcame the threat posed by Mercedes team-mate Nico Rosberg to take pole position for the British Grand Prix…

    F1
  40. 12:55

    Follow qualifying for the British GP!

    F1
  41. 11:06

    British Grand Prix: Full Practice 3 results

    F1
  42. Hamilton quickest in final practice 11:04

    Hamilton quickest in final practice

    Lewis Hamilton set the pace for this first time this weekend during final practice for the British Grand Prix, half a second…

    F1
  43. 09:48

    Follow final practice for the British GP!

    F1
more news