Responding to the global economic crisis, Formula One’s governing body is preparing a series of proposals that would slash racing costs and open the sport to smaller teams.
If adopted, the new rules would “enable a team to compete for a fraction of current budgets but nevertheless field cars which can match those of the established teams,” FIA said Friday in a statement. It did not elaborate on the measures or provide any details.
The proposals would not affect the established teams, the statement said, but would “enable new teams to fill the existing vacancies on the grid for 2010.” The proposals are also aimed at reducing the chances that teams would be forced to leave the championship.
The proposals will be submitted to the World Council on 17 March.
The effects of the global economic downturn have already been felt in F1, with Honda pulling out of the championship in December and now struggling to find a buyer to allow them to compete in the forthcoming season.
In his January letter to the ten existing F1 team, Mosley was already talking about the need to take cost-cutting measures far beyond what had been hammered out with FOTA in the run-up to Christmas 2008.
“The financial barriers to entry were already too high before the current world financial crisis,” he claimed, “We had a championship dependent on the willingness of world’s car industry to continue spending vast sums on Formula One racing and the few remaining independent teams (with one exception) entirely reliant on the generosity of their billionaire owners.
“In current circumstances, it would be crazy to assume this can continue. Costs must be reduced to a point where a well-run independent team can operate profitably with just the FOM money and very moderate sponsorship. This is the only way to safeguard the championship and allow new teams to enter to fill the gaps as well as replace those leaving.
“In any event, we believe we have a duty to do whatever is necessary to preserve the championship for the competitors, the commercial rights holder and motorsport generally. We are therefore prepared to act radically.”
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