FIA vows to impose cost-cutting
World governing body the FIA has vowed to force through cost-cutting measures after Formula One teams failed to offer any satisfactory solutions.
FIA president Max Mosley met team bosses last month to discuss the shape of Formula One post-2007, when the ruling Concorde Agreement expires.
High on Mosley’s agenda has been a dramatic reduction in costs, as well as measures to slow speeds and increase entertainment.
Although the FIA describe the recent summit as “constructive” they today outlined their disappointment at what they claim is an absence of any significant cost-cutting measures from teams.
The FIA have now promised to take matters into their own hands and ensure the post-2008 rules include significant savings in order to entice more teams into the sport.
An FIA statement read: “New teams intending to apply to enter the championship in 2008 have all made it clear that they can do so only if costs are greatly reduced.
“Current teams who are already committed for 2008 fully agree. Accordingly the FIA is now reviewing the draft 2008 regulations with a view to eliminating unnecessary and excessive expenditure while continuing to allow technology which is road-relevant and interesting to the public.
“The FIA Formula One World Championship has always relied on independent teams. Its rules must allow them to survive and prosper.
“If major manufacturers wish to participate (and at least three are expected in 2008), so much the better.
“However, the duty of the FIA is clear – it must ensure that the Formula One World Championship continues with a mixture of independent teams and manufacturers, all competing on an equal footing in the traditional way.”
The FIA expressed their belief that a revised rules package for 2008 can finally fill the remaining two slots on the grid.
Current rules allow for 12 two-car teams but with the demise of teams such as Arrows and Prost, recent seasons have seen just 10 take up the offer.
“The FIA is now confident that it will shortly be able to publish rules for the 2008 Formula One World Championship which give realistic (but still high) budgets, close racing (including much easier overtaking) and interesting but relevant technology,” the statement added.
“The result will be a 2008 Formula One World Championship with 12 teams, 24 cars and greater public interest than ever.”
