The FOTA calls for urgent talks on the budget cap

The association of Formula 1 teams has issued an urgent call to the FIA to discuss the regulatory changes planned for next year.

The key members of FOTA held a meeting at Heathrow (Great Britain) on Wednesday to discuss the future direction of Formula 1, as well as the progress made in signing a new Concorde Agreement.

In a brief statement released after the meeting, FOTA stated that it maintained its unity despite some disagreements that marked the start of the season.

However, the organization expressed some concern regarding the FIA’s budget cap, which could lead to a two-speed F1 next year.

According to this statement: « The FOTA held a positive and constructive meeting. It was jointly agreed to continue working methodically on cost reduction in 2010 and 2011, thus advancing this work started in 2008. »

The FOTA is concerned about the decisions made during the last World Motor Sport Council (WMSC) meeting regarding the 2010 regulations. It is therefore urgently requesting consultations with the FIA.

Precisely, the FIA announced last week that a budget cap of 40 million pounds would be implemented next season.

The Board of Directors emphasized that several teams, including potential new entrants in F1, were in favor of this regulation point.

« The FIA believes that this cost cap is attractive, and it hopes that over time, all teams will adhere to it, » explains a statement released after the FIA last week.

« So far, the amounts of money spent by both the teams and the new entrants have reached new highs. »