The new owner of Formula 1 is "planning a clampdown on overspending by racing teams as part of a big overhaul of the sport designed to end the financial chaos that has blighted it," according to Christopher Williams of the London TELEGRAPH. Liberty Media, controlled by U.S. billionaire John Malone, is "understood to be developing plans to restrict the amount teams can spend, in the hope of levelling the playing field and making Formula 1 more financially sustainable for smaller teams." The maneuvers, which are in their early stages, are "likely to be highly controversial." Previous attempts to impose budget caps have triggered "big rebellions from the top teams," who in '09 threatened to form a breakaway championship. It is "hoped the changes will reinvigorate competition on the track." A senior source familiar with Liberty's plans said that "the sport's economic imbalances need to be addressed to win new fans." The source said, "It makes no sense to have teams spending the better part of $400 million. That money is not doing anything good for fans. It is just wasted on competing on technology." The details of the potential spending controls are still "under development and may not be as simple as a cap on costs," as there are fears that teams owned by big car manufacturers, such as Mercedes, could allocate costs to their parent company. A Liberty source said, "The biggest thing we've got to change is culture. Right now, nobody trusts anybody" (TELEGRAPH, 12/17).