Ferrari President Seeking F1 Cost-Cutting

Ferrari president Luca di Montezemolo has suggested Formula One needs to take control of their spiralling cost sas discussions about the new Concorde Agreement and the future of the sport continue in the background.  

Montezemolo used his company’s Web site to send out a clear message, while also expressing support for the FIA. 

“The world economic situation, and that of Europe in particular, is very serious, and the world of Formula One cannot ignore the fact,” he was quoted as saying. “We cannot lose any more time—we need to tackle urgently and with determination the question of costs. Ferrari is in agreement with the FIA’s position that drastic intervention is required. We are absolutely convinced that, as I have always said, the teams and the commercial-rights holder must work together with the Federation on this front. 

“This is no longer the moment for getting bogged down in sterile discussions or the meanderings of engineers, usually only concerned in defending the interests of someone or other. The question has to be tackled at the highest level, without further delay.”