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Leagues and Governing Bodies

FIA President Jean Todt To Ask F1 Teams To Reduce Costs To 'Save The Sport'

FIA president Jean Todt is to “again make a desperate plea” to the Formula One teams to reduce costs in a bid to “save the sport from financial ruin,” according to Ian Parkes of the PA. F1 CEO Bernie Ecclestone and private equity firm CVC Capital Partners are currently attempting to address the issues after meeting with the teams in Abu Dhabi on Saturday. That debate is “certain to be raised again” in Geneva on Tuesday when the Strategy Group -- comprising Ferrari, Red Bull, Mercedes, McLaren, Williams and Lotus -- sits ahead of an F1 Commission meeting chaired by Todt. It is there the Frenchman will again implore the teams to “show sense and accept cost-cutting proposals.” Todt: “We know Formula One has cost too much money for decades now” (PA, 11/25). REUTERS’ Alan Baldwin reported Todt said, "I am going to fight about the price of the engines for the small teams. … I will do the best. I cannot guarantee the result but I will really get into that.” He listed Formula One's four priorities as being "to reduce costs, optimise 'the show', make powertrains cheaper for private teams and to ensure all parties stayed in the sport" (REUTERS, 11/25).

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