F1 set for cost-cutting talks

Thursday 1st May 2014

Share:

F1 set for cost-cutting talks

F1 set for cost-cutting talks

The F1 teams will meet on Thursday to discuss ways to curb rising costs after the Strategy Group shot down a cost cap.

The FIA had intended to introduce a cost cap in a bid to preserve the sport's future and the teams currently competing.

However, the proposal was taken off the table when F1's Strategy Group - comprising Red Bull, Ferrari, McLaren, Mercedes, Lotus and Williams - said no.

F1's smaller teams were angered by that decision and reportedly wrote to FIA president Jean Todt, voicing their complaints and concerns leading to Thursday's meeting.

One person who is hoping the teams can find a way forward is Marussia's sporting director Graeme Lowdon, who fears for the sport's future.

"The most important asset in F1 is not any particular driver or team - the most important asset is the fans," Lowdon told Autosport.

"The fans want to see spectacular and close racing - everything that makes F1 great - and our view is that we can learn a lot from looking at what other sports have done.

"The sports that have exhibited the biggest financial growth, where fans have voted with their pockets, are those that have adopted two things: a form of financial control and an equitable distribution of revenue.

"We know from the commercial rights holder that there has been a dip in audience figures and those sorts of things are extremely important signals.

"We have to ensure that the sport is attractive to the fans.

"This is a sport that lost Jim Clark, and a sport that lost Ayrton Senna - but it survives. If the sport lost all the fans though, then it is finished."

Gallery: Race Day In Hungary

Editor's Picks

Winners & Losers: Germany

Winners & Losers: Germany

Not the best result, but Daniel Ricciardo drove the finest race of his F1 career on a storming afternoon at Hockenheim...

Ferrari Must Cut Kimi Losses

Ferrari Must Cut Kimi Losses

There appears to be a sense of déjà vu for Ferrari since the return of Kimi Raikkonen, and perhaps it's time for the team to cut their losses...

Team-Mate Wars: British GP

Team-Mate Wars: British GP

Daniil Kvyat is bossing his more experienced team-mate, unlike Kevin Magnussen. Fernando Alonso still has the biggest margin...

PlanetF1 Fantasy League

PlanetF1 Fantasy League

The season may be underway but you can still enter the PlanetF1 Fantasy League and win prizes on a race-by-race basis...