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F1 set for cost-cutting talks

Thursday 1st May 2014

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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."

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