F1 Teams agree to cost-cutting measures
October 29, 2010
The current agreement, there that was set to expire in 2012, includes a clause limiting each team to spending just Ä40 million on external services. The cap was set to reduce to Ä20 million in 2011, but Auto Motor und Sport said the teams have agreed to set the limit next year at Ä30 million. Moreover, team staff numbers were set to be capped at 350 people, reducing to 280 a year later, but have now been set at 315.
“The good news is that the teams have agreed to extend the duration of the RRA,” Formula One Teams’ Association chairman Martin Whitmarsh confirmed. “In doing that, there’s been some adjustment, so it’s been agreed in principle and everyone has signed up to that. In some areas it’s been tightened, in some areas it’s been slackened.”
The existing agreement also limits things like staff numbers at grands prix, the use of wind tunnels and CFD, and track testing.
“I think there was a danger that we wouldn’t be able to extend it [the agreement],” continued Whitmarsh.
“I think all the teams took a sensible approach to come together and to agree to extend it for a long period of time.”
Ferrari, meanwhile, confirmed that the new agreement will be in place until 2017.