Ferrari president Luca di Montezemolo has expressed his doubts that a cost cap will be the correct method to address escalating spending in the Formula One motor racing series.
F1 is seeking to introduce a budget cap from the start of 2015, with a meeting of the F1 Strategy Group and the Formula One Commission in Paris last month revealing that the “principle” of a global cost cap had been adopted. The limit will be applied from January 2015 and a working group is set to be established comprising the FIA – motor sport’s global governing body - representatives of the commercial rights-holder and team representatives.
The objective of the working group will be to have regulations approved by the end of June. However, it is not the first time that the sport has attempted to control its costs. Most recently, former FIA president Max Mosley tried to introduce a budget cap of £30m (€35.4m/$48m) for the 2010 season, but the proposal ultimately floundered amid opposition from teams.
Di Montezemolo, one of the most influential figures in the F1 paddock, admits that action must be taken to secure the long-term future of all teams, but believes a cost cap is not achievable. “For the first time it has been said that we have to define a (cost) cap,” he said, according to the Autosport website. “You know why I have doubts about the cap - because it is very easy to cheat - particularly for (manufacturer) teams. And Ferrari could be one. I could go to Chrysler in Detroit to ask them to do something for us. Mercedes could ask their company. We have to find something that is credible but the cost is the problem number one.”
The Ferrari chief believes the sport’s current situation can be illustrated through the number of so-called ‘pay drivers’ on the grid who bring sponsorship funds to their respective teams. This development has seen highly-regarded drivers who suffer from a lack of financial backing miss out on seats at certain teams. “If we look at the teams today, in my whole career of F1, I have never seen teams survive with the money of the drivers,” Di Montezemolo said. “This year all the movements of the drivers have been basically based - except for (Kimi) Raikkonen to Ferrari - on what money drivers can give to the teams. This is for Force India, for Sauber, for Lotus and for Williams. It is not healthy.”
Concerning the way forward, Di Montezemolo added: “The only way to approach this is to say to the FIA that all the teams are unanimous in agreement to cut the costs. Do whatever you want - come back to us with a proposal that for sure can decrease the costs in a heavy, heavy way. Then we adjust ourselves. We have to achieve a goal to decrease in a heavy way the costs.”
Source: Sportbusiness International
