Todt wants to reduce costs by 30% by 2015

Cost reduction in F1 is a topic that has been repeatedly brought up over the years. We remember that in 2009, Max Mosley attempted, unsuccessfully, to impose a budget cap of around 45 million euros.

Today, negotiations are taking place between the teams to agree on a significant budget reduction, but some, led by Red Bull, have been reluctant until now.

Present at Monza, Jean Todt, president of the FIA, spoke on this topic. The former strongman of Scuderia Ferrari believes that the issue of costs in F1 is important and that a solution must be found in the coming years to prevent the grid from significantly shrinking.

« Reducing costs is my main objective because they need to be reduced by 30% over the next three years; otherwise, we will lose several teams. F1 must be a business for everyone, with balanced accounts for the teams. Today, that is the case for only two or three teams, » explains Jean Todt in an interview with the Gazetta dello Sport.

Nevertheless, Todt remains optimistic. An agreement on the future Concorde Agreements is reportedly close to being reached after many weeks, even months, of sometimes complicated negotiations. “We are heading towards a solution with the Concorde Agreements,” declares Todt in Monza.

Aside from budget issues, the FIA president also addressed the issue of the new V6 Turbo engine that will be introduced in 2014. An engine that will bring F1 a bit closer to road cars and, Todt hopes, could attract new engine manufacturers to get involved in this discipline.

« From 2014, with the new regulations and the turbo engine, we are going to take a step in the right direction to align with the world in which we will live. And maybe I will manage to convince some manufacturers who are now in Endurance or elsewhere to build engines for F1 as well: Audi, Toyota, Porsche, the Koreans, …, » adds the Frenchman.