News On F1 - Formula 1 News, Results, Information and Statistics

F1 News  F1 Schedule  F1 Line-up  Teams  Drivers  F1 Tickets  F1 Coverage
 

F1 News - F1 cost-cutting pact discussed in Singapore - September, 2010

Sep.28 (GMM) A major topic of conversation during a team bosses meeting in Singapore was the so-called Resource Restriction Agreement.

At the resolution of last year's political crisis, and the signing of a new Concorde Agreement, the teams promised the FIA to reduce their spending to the levels seen in formula one in the early 90s.

The intention, championed by departed FIA president Max Mosley, was to make the sport much more affordable for private teams, like the 2010 newcomers Virgin, HRT and Lotus.

But despite receiving applications to fill the 13th team spot for 2011, the FIA ruled that none had the necessary financial resources, and there are signs that some of the sport's existing teams are also struggling.

"Many of the technical changes that were brought in to reduce costs haven't done so, and in many cases they have actually increased costs," Lotus team boss Tony Fernandes told F1's official website.

And according to Michael Schumacher, another cost-cutting measure - completely banning in-season testing - was also not well thought out.

"Efficient testing might be cheaper than now, when we build parts and then throw them away because we can't test them and they didn't work," the Mercedes driver is quoted by Die Welt newspaper.

The seven time world champion also said the testing ban has led to the "very expensive" development of simulators.

Nick Wirth, the technical boss at struggling new team Virgin, said it was "really sad" that Mosley's plan for team budget caps was scuppered.

"It was a huge mistake," he is also quoted by the German publication.

Another consideration is the new engine formula, with 4-cylinder turbo units allied with sophisticated energy recovery systems touted for 2013.

But considerations about F1 becoming 'green' are arguably secondary to the independent teams, like Sauber, who can no longer count on the vast support of departed owner BMW.

"I think what's important to us is obviously the costs being kept under control, because obviously changes cost money," said the Hinwil based team's technical boss James Key.

Latest F1 News - Mobile version
26 Feb: New Ferrari not quickest in field - Domenicali
26 Feb: Red Bull still best in 2013 - Tost
26 Feb: 2014 French grand prix 'possible' - Prost
26 Feb: Danica Patrick 'not interested' in F1 switch
26 Feb: Report - Gilles Simon working on F1 engine for Honda
26 Feb: Gutierrez plays down link to Carlos Slim
26 Feb: Caterham exhaust 'legal' insists van der Garde
26 Feb: McLaren replaces Mercedes-bound Lowe
25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report
25 Feb: Mercedes-bound Lowe to miss 2013 opener - report
25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda
25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013
25 Feb: New Ferrari 'much better' than 2012 - Massa
25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez
25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri
25 Feb: Williams removes controversial exhaust trick
25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia
25 Feb: Lotus to fight Red Bull for title - Gutierrez
25 Feb: Marussia 'ahead of Caterham' - Chilton
25 Feb: Sutil will not stay in F1 as test driver

The latest F1 News - Mobile Version

F1 News  F1 Schedule  F1 Line-up  Constructors' Championship  Drivers' Championship  F1 Tickets  Live F1 Coverage

Full Version: Formula 1 News  Formula 1 Schedule  Formula 1 Line-up  Constructors' Championship  Drivers' Championship  Live F1 Coverage  10 'n' Pole  F1 Regulations  The Forums  Motorsport Shop  F1 Merchandise  F1 Tickets  F1 Diecast  F1 Videos  F1 Games

Back To Top