Cost-cutting regulation approved by all the teams
The FIA introduced a cost-reducing programme some time ago by the name of the Resource Restriction Agreement (RRA). The FIA decided to extend the agreement to 2017 and required the teams to agree to it in order to pass this extension.
The current agreement included a clause that limited each team to spending €40 million on external services but was set to expire in 2012. Due to the economic downfall, the amount was reduced to €20 million for the 2011 season. However,
Auto Motor und Sport stated that the team agreed to increase the limit to €30 million.
Besides this, staff members of a team were capped at 350 people currently. That meant that the teams would have to reduce the number to 280 people the following year. However, that was also changed as the numbers were increased to 315 people.
The existing agreement stated that things such as staff numbers at a race weekend, the use of wind tunnels and CFD, and track testing will also be limited.
“The good news is that the teams have agreed to extend the duration of the RRA. 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,”
Formula One Teams' Association chairman Martin Whitmarsh confirmed.
Ferrari also confirmed that this new agreement would be in force until the 2017 Formula 1 season. This is good news for the teams in a way as they are no longer obligated to contribute more money to the sport as they were before. However, the decrease in
man power might create some problems for the teams.
“I think there was a danger that we wouldn't be able to extend it [the agreement]. I think all the teams took a sensible approach to come together and to agree to extend it for a long period of time,” continued Whitmarsh.
The teams were happy with the decision though due to the enormous economical downfall in the world. Formula 1 has been suffering a lot in terms of economy this year and therefore, the FIA has announced a number of agreements to aid the sport and the world
in every way. The fuel consumption level in the car engines and make the cars as efficient as they can. The FIA is taking a bold step and the teams made the right decision in supporting the authority.
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