FIA: Meeting on May 1st about cost reduction
Despite the abandonment of capped budgets announced in Bahrain, Formula 1 stakeholders have announced a meeting on May 1 to explore ways to reduce expenses for teams in the discipline.
The World Motor Sport Council, held in Marrakech (venue of the first round of the World Touring Car Championship (WTCC)), provided an opportunity for the F1 community to schedule a meeting on May 1st, aimed at addressing the issue of cost reduction.
The press release on the International Automobile Federation (FIA) website explains: « FIA President Jean Todt and commercial rights holder Bernie Ecclestone will organize a meeting with all F1 teams on May 1st /f1/news/17336-the-fia-abandons-capped-budgets-for-2015.html, followed by a meeting of the F1 Strategy Group, to clarify ways to achieve substantial cost reductions for F1 teams. »
Thus, following the recent decision to abandon the project of capped budgets, the authorities and stakeholders of the premier category will have to agree on regulatory changes aimed at reducing expenses. Several “smaller teams” had expressed their resentment towards the end of the consideration of capped budgets, like Force India.
For her part, Monisha Kaltenborn, director of the Sauber team, considers this decision a mistake and calls for responsibility to achieve a more satisfactory economy: « As a small team, I do not understand why we are taking this path when every sport must be responsible for how you manage and implement your business. I think the time when you said “if you don’t have the money, don’t do it” is long gone. The costs we are reaching, no one can understand. So we have to be responsible, because in the current economic context, it is important to show a responsible way of doing business, » she told our British colleagues from Autosport.
It is also worth noting that this World Motor Sport Council has endorsed the search for a solution regarding the increase in F1 noise, with preliminary results expected soon, the statement said.
