Formula 1 cost cap plan for 2015 abandoned

Plans for Formula 1 to introduce a cost cap for the 2015 season have been scrapped, according to Jean Todt.

© Octane Photographic

The FIA announced last December that it intended to introduce cost-cutting measures for next year, and an agreement was scheduled for June 2014.

However, Todt - president of the sport's governing body - confirmed in Bahrain that all six teams on the F1 Strategy Group (Red Bull Racing, Mercedes, Ferrari, Lotus, McLaren and Williams) are now against the plan.

"Most of the teams were in favour of the cost cap, but I understand that all the teams that are part of the Strategy Group are against it now," he told reporters at his first race of the season.

"So clearly, if the commercial rights holder, and if six teams, which means 12 of 18 are against, I cannot impose it. It’s mathematics. So in this case, no more cost cap."

The Frenchman said he was disappointed to see the plan fall through, with teams proposing that costs are cut through regulations rather than a cost cap.

"In a way I am disappointed because it may be more difficult to achieve the reduction which I feel is needed," he said.

"But everyone says we are all in favour of reducing the cost, and through sporting and technical regulations."

Attempts to cut spending have taken place in the past, most recently in 2009 where then FIA president Max Mosley tried to introduce a budget cap of €60 million, which almost tore the sport apart.