F1 teams could fold if costs not reduced - Todt

Jun.19 (GMM) Jean Todt has admitted he is worried Formula One teams could collapse if costs are not reduced.

After the FIA's meeting of its World Motor Sport Council last Friday, a media statement revealed that the governing body is "having active discussions with teams regarding cost control".

The FIA added that the Council will have to vote on any amendments to the chassis rules for 2013 prior to the end of this month.

"The intention is to help all teams participate in the championship in a fair and equal manner," the statement added.

FIA president Todt is quoted by the German language Speed Week: "For me, Formula One is too expensive.

"If we do nothing, we could get into a situation where we have less than twelve teams on the grid."

Last week, Ferrari president Luca di Montezemolo insisted F1 cannot ignore the impact of Europe's worsening economic crisis.

"Ferrari is in agreement with the FIA's position that drastic intervention is required," he said.

Fernando Alonso, Luca di Montezemolo and Felipe Massa

Photo by: Ferrari Media Center

"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 (of costs) has to be tackled at the highest level without further delay," added Montezemolo.