FIA pushing to reduce costs

Date published: October 30 2014

It may be too little too late for Caterham and Marussia but the FIA concedes something needs to be done about the “economic balance” in F1.

Last week it emerged that Caterham had gone into administration and the doors to the factory shut while days later Marussia suffered the same fate.

Although both teams are hoping to find buyers and continue in F1, neither will be on the grid in America nor Brazil as they don’t have the funds to compete.

It is a sad showing for Formula 1 as just 18 cars will line up in Austin, the smallest grid since 2005.

Some, though, would say it has been a long time coming and that Formula 1 has brought this on itself by failing to heed the warnings.

Now the FIA has said something must be done to ensure that sport remains an “attraction” championship.

“The FIA has been informed of the financial difficulties of the Caterham and Marussia teams and of the considerable uncertainty surrounding their participation in the final races of the 2014 championship,” read a statement.

“It is the responsibility of the FIA Stewards to determine whether or not a team has failed to fulfil its regulatory obligation to take part in all events on the calendar and to take whatever action they deem appropriate. However, we have every confidence that the Stewards are fully aware of the financial situation of the teams concerned and these matters are always assessed with extreme care and due regard for the circumstances involved.

“Looking beyond the end of the 2014 season, these failings once again acutely raise the question of the economic balance of the FIA Formula One Championship and justify the position, expressed many times by the FIA, in favour of any initiative that will help reduce costs in order to ensure the survival of the existing grid or attract potential new entrants.

“As such, the FIA, in close cooperation with FOM and the different stakeholders in F1, will continue to work towards maintaining the attraction of the championship and the equitable participation of the teams in it in the years to come.”