Breaking news
Formula 1
F1 teams in "broad agreement" on spending cap
Formula 1 CEO Chase Carey says there is "broad agreement" from teams regarding the introduction of a cap on spending, and insists that it would make the sport more attractive for new entrants.
Adam Cooper
Edited: Nov 10, 2017, 11:43 AM
Copy link
Share on Viber
The subject was discussed in principle in Tuesday's F1 Strategy Group meeting in Geneva, although there were no details or specific numbers, and Carey is keen not to give too much away.
"I don't want to get too far into negotiating in public," said Carey. "What I would say is we have obviously begun all this. I think directionally there's board agreement about the direction we're talking about.
"We obviously have to get into the specifics, and in the details there will be differing views. It's [our job] to find the right compromises so that everybody feels they are much better off, it's a fair proposal, and it makes the sport much healthier.
"That's what we've got to do, to work through to find the right compromises and trade-offs. But as a direction, I think we have broad-based support for the direction of all the initiatives we're talking about, and the goals of those initiatives, and the opportunity inherent in those initiatives.
"We just need to now – and execution is always critical in this – we need to work through the details so that everybody feels it's fair and everybody's better off."
Carey said that planned changes will make the sport more attractive for potential new teams who are being scared off at the moment by both the costs and the challenge of creating a competitive package.
"It will create a business model that would first and foremost be beneficial to the existing teams in it, but I think is a healthier business model, it would also entice new teams into it," he said.
"When today people on the outside look in, in some ways they look at the challenges of the sport, what the top teams are spending, and that's a deterrent.
"And then they look at the competition on the track, which ends up with realistically with about six cars competing at one level and the rest of the cars competing at another because of the spending differences and the engine differences and the like.
"If you enhance the competition and create a cost structure that gave more predictability to the business, and like cost caps in the US, what they do is protect them from themselves, because competitive spirit overtakes, and you just spend what it takes to win.
"So create as structure that makes it about how well you spend your money, not how much you spend.
"I think that will create a better model for fans, a better model for existing partners, and a much more interesting proposition for potential new entrants.
"We've obviously engaged with some of these new entrants and it's pretty clear that the appeal of F1 is unique, the benefits they get out of the identification with it, and if we can make it a better sport for fans and a better business for everybody in it, I think it will benefit us all."
We want your opinion!
What would you like to see on Motorsport.com?
Take our 5 minute survey.
- The Motorsport.com Team
Read and post comments
Read also :
Share Or Save This Story
Copy link
Share on Viber
Previous article Hamilton: Schumacher's F1 win record not out of reach
Next article Alonso: Recent progress doesn't make up for "very bad" year
Top Comments
There are no comments at the moment. Would you like to write one?
View More & Comment
More from
Adam Cooper
RB: Tsunoda “mentally on a different level” in 2024
Formula 1
Formula 1
Japanese GP
Apr 10, 2024
RB: Tsunoda “mentally on a different level” in 2024
Andretti planning F2 and F3 entries to promote US talent to F1 team
Formula 1
Formula 1 Apr 10, 2024
Andretti planning F2 and F3 entries to promote US talent to F1 team
Andretti F1 team formally opens new Silverstone facility
Formula 1
Formula 1 Apr 10, 2024
Andretti F1 team formally opens new Silverstone facility
Latest news
“I was getting beat up” – How Daniel Ricciardo burned out on ‘humiliating’ F1 return
Formula 1
F1 Formula 1 10 min
“I was getting beat up” – How Daniel Ricciardo burned out on ‘humiliating’ F1 return
Myers Riley Motorsports adds Andretti alongside returning Fraga for 2027 IMSA GTD campaign
IMSA
IMSA IMSA 35 min
Myers Riley Motorsports adds Andretti alongside returning Fraga for 2027 IMSA GTD campaign
Las Vegas GP reveals neon sign-inspired trophy design
Formula 1
F1 Formula 1
Las Vegas GP
1 h
Las Vegas GP reveals neon sign-inspired trophy design
Feature
Discover prime content
Top 10 F1 cars of the 1970s
Formula 1
By Kevin Turner
Top 10 F1 cars of the 1970s
Subscribe and access Motorsport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
You have 2 options:
- Become a subscriber.
- Disable your adblocker.
Subscribe now Already subscribed? Sign in here
Already disabled your adblocker?
Reload page
Manage Alerts
Subscribe