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Leagues and Governing Bodies

Formula 1 Strategy Group Meeting To Involve Budget Cap; Prize Money Not On Agenda

Formula 1 teams "must wait longer to learn Liberty Media's plans for a radical revamp of the prize-money structure as a budget cap proposal will lead Tuesday's Strategy Group agenda," according to Jonathan Noble of AUTOSPORT. While last week's FIA and F1 meeting focused on engine proposals, "which drew criticism from three current manufacturers, discussions now begin over a much deeper overhaul of F1 aimed at making it more competitive." There had been suggestions a "change to the prize money structure to eradicate the bonus system" that favors the biggest teams was planned. But sources revealed the prize money issue has not been tabled for discussion, and "instead the focus of the meeting will be a potential budget cap." Liberty is believed to be determined to "bring in some form of cost limit for F1 teams." It hopes for "constructive dialogue to begin work on a framework plan, as well as consensus on how spending limits can be controlled." It is understood the decision to "omit the prize money structure talks" comes because the issue of commercial rights income does not involve FIA and is a private matter between F1 execs and teams (AUTOSPORT, 11/6).

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