Toro Rosso team principal Franz Tost is concerned with the spiraling cost of Formula one and believes that cost caps will do nothing to remedy the problem.
With teams like HRT, Caterham and Marussia going into administration and Sauber, Lotus and Renault all struggling Tost believes this issue needs to be addressed.
“We need to reduce the costs,” Tost said in an interview with Tiroler Tageszeitung. “It shouldn’t be that a team spends €450 million a year. On the other hand, we bargain for a few cents when it comes to road cars. Even the manufacturers cannot accept sums like this forever. It’s not feasible. We spent way too much money on F1.”
In the short term Tost believes a cost cap should be implemented by the FIA to plug the holes in the sinking financial ship.
“Give each team, for example, €150 million with the FIA watching over it. The big teams will cry foul that there is no way to control costs but this is nonsense. Over at Toro Rosso, I know how much each screw costs.
“Many claim you cannot control development – nonsense as well. If somebody didn’t want to present their expenditures, it could be pretty easy, then the FIA could charge this team twice the average price of the part in question. And then you’ll see how fast all invoices would be filed with the FIA.”