FIA Looking to Cut F1 Costs

Motprsport governing body, FIA, is keen to establish a series of cost control measures for F1, with teams been given until the end of the month to vote on plans to bring new measures into play.

The governing body made the announcement following the latest meeting of the World Motor Sport Council in Paris, where the FIA ‘reiterated its intention to make motor sport more affordable in all categories’.

With concerns about rising costs, the FIA and teams will hope to finalise an agreement reduce the expenditure required to compete in the sport, with the governing body they overseeing the policing of any agreement made.

“At their request, the FIA is having active discussions with teams regarding cost control and any amendments to the technical regulations resulting from a further limit on expenditure on the chassis will be submitted to the WMSC via a fax vote before 30 June,” a statement from the FIA read. “The intention is to help all teams participate in the Championship in a fair and equal manner.”

The FIA also confirmed that the deadline for entries for the 2013 season has been put back to September to allow negotiations regarding a new Concorde Agreement to be concluded.

“Constructive Concorde Agreement discussions are on-going between the FIA and the Commercial Rights Holder, with the intention of finalising an agreement in the coming weeks,” the FIA revealed. “It was also decided that the deadline for the closing of entries be deferred to 30 September.”