Bernie Ecclestone says Formula 1 may require budget limit – Formula 1 news
Formula 1 chief executive, Bernie Ecclestone has expressed that he will help a necessary budget restriction in F1 with the intention of bringing the expenditure of the top teams lined-up with the contenders who are at the back of the field.
At present, Resource Restriction Agreement (RRA) is the only certification of the F1’s budgets which have been estimated between €35 million to €200 million. However, Ecclestone feels that all the teams should act sensibly while making the required efforts
to cut their budgets.
“The teams have to learn to be competitive without tonnes of money,” he told the official Formula 1 website. “They have to refocus again on the basics - on racing, spending on the sport - and not on baronial motorhomes and all kinds of entertainment.”
Moreover, he said that the big teams did not like the budget caps as indeed they would like to spend what they had. Nevertheless, he stated that there should be a binding on the budgets for each and every team by keeping the smaller teams’ budgets in mind
but the giants would definitely go against this proposal.
He added, “We have had this kind of problem for quite a while now as of course they spend what they have. You could install a mandatory budget for all teams - on the basis of the smaller teams - but they [the big teams] don't like it and fiercely fight against
it.”
Nonetheless, when he was asked whether he was in support of such steps, he expressed that he would welcome it and he thought it could be possible too.
It would be important to mention here that back in 2009, F1 tried to bring in the ‘budget cap’ when the negotiations were carried out over the present Concorde Agreement which binds together the FIA, the management of F1 and the teams.
In addition, the teams threatened the F1 that they would break away until the recommended £40million budget limit was dropped and ultimately settled to the initial RRA in-order to control the expenditure.
Furthermore, Ecclestone expressed that they were in the middle of conversations for the next Concorde Agreement as the former one would expire at the end of this year.
Tags: