Vital F1 | Cost cutting agreement edges nearer
Vital Login
Social Login

Other Sites

Network Navigation

Vital Partners

'If It's F1, It's Vital'

Cost cutting agreement edges nearer

When Luca Di Montezemolo, president of Ferrari, calls for Formula one to implement a cost cutting scheme, the world of Motorsport listens.

Ferrari, a team of limitless funds, have only Red Bull and Mercedes for financial competition at the top of sport, but now with the current Eurozone crisis, Formula One needs to take immediate action and the cost cutting discussions arent going away any time soon.

From next season it is likely that the sport will gave cost control rules embedded into the sport for the first time in its rich history, focusing mainly on the control over car design costs.

Despite the recent economic catastrophe which has cast its shadow over Europe for the past four years, the twelve teams are concerned about the costs of the sport during a global economic crisis.

Details of the impending agreement, due to be announced on June 30th, are still unclear but are likely to impose a restriction on the way teams spend their money despite them already working to a Resource Restriction Agreement. However controversy is never far away in Formula One, and naturally teams are falling out over accusations that others are breaching its terms.

Ferrari may have been hit hard by the disastrous economic situation in both Italy and Spain, home of the teams main sponsor, Santander Bank. But many believe this to be a ploy from the cunning President to stop 2014s controversial engine changes, or even to prove his political worth.

The governing body of the sport, the FIA, are pushing hard for new 1.6 litre v6 turbo charged engines, taking the place of the current 2.4 v8s. These engines will bizarrely cost more money, making you wonder why the FIA are going ahead with them. There not going to make the slightest difference to the green effect of the sport.

If you take into account the amount of travel the sport demands taking all their equipment around the world, the matter of the engines is a drop in the ocean. The 2014 package will be more expensive, much to the dismay of supremo Bernie Ecclestone who has labelled the change as a PR stunt.

As far as cost cutting goes, the teams are unanimous behind the decision to include it from now on. As we enter times of economic uncertainties, specifically in Europe, Formula One needs to secure its long term future by taking sensible measures that wont damage the high levels of sport, while maintaining a sustainable future. All will be revealed on June 30th.








Join Vital F1

It's easy to join up and join in on VitalF1.com, simply click the link and enjoy getting involved!

If you are already a member of Vital Football, your logins will automatically work on VitalF1.com!

The Journalist

Writer: Charlie Bennett  Mail feedback, articles or suggestions

Date:Monday June 18 2012

Time: 2:00PM

Your Comments

Funny how Luca now wants to cut costs. Is it anything to do with the main FIAT factory being on short time, costs should have been trimmed years ago, but the big teams did not want this.
johnkelv
 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Vital F1 Articles

Who will win in Germany? (Monday July 25 2016)

Blog: Hungarian GP Report (Sunday July 24 2016)

2016 Hungarian Grand Prix - Race (Sunday July 24 2016)

Blog: Hungaroring Qualifying (Saturday July 23 2016)

2016 Hungarian Grand Prix - FP3 (Saturday July 23 2016)

2016 Hungarian Grand Prix - FP2 (Friday July 22 2016)

2016 Hungarian Grand Prix - FP1 (Friday July 22 2016)

FIA clarify radio communications (Friday July 22 2016)

Peter Sauber retires as team is sold (Thursday July 21 2016)

Blog: Hungaroring Preview (Tuesday July 19 2016)

Who will win in Hungary? (Monday July 18 2016)

Hamilton Mania (Wednesday July 13 2016)

Ferrari keeping an eye on Hamilton (Tuesday July 12 2016)

Blog: British GP Report (Monday July 11 2016)

Hamilton Mania (Monday July 11 2016)

2016 British GP - Race (Sunday July 10 2016)

Blog: Silverstone Qualifying (Saturday July 9 2016)

2016 British Grand Prix - FP3 (Saturday July 9 2016)

2016 British Grand Prix - FP2 (Friday July 8 2016)

2016 British Grand Prix - FP1 (Friday July 8 2016)

Blog: Silverstone Preview (Thursday July 7 2016)

Reckless Rosberg (Monday July 4 2016)

Who will win in Britain? (Monday July 4 2016)

Blog: Austrian GP Report (Sunday July 3 2016)

2016 Austrian GP - Race (Sunday July 3 2016)

Blog: Red Bull Ring Qualifying (Saturday July 2 2016)

2016 Austrian GP - Qualifying (Saturday July 2 2016)

2016 Austrian GP - FP3 (Saturday July 2 2016)

2016 Austrian GP - FP2 (Friday July 1 2016)

2016 Austrian GP - FP1 (Friday July 1 2016)

Blog: Red Bull Ring Preview (Thursday June 30 2016)

Who will win in Austria? (Monday June 27 2016)

F1 musical chairs begins (Thursday June 23 2016)

Blog: European GP Report (Monday June 20 2016)

2016 European Grand Prix - Race (Sunday June 19 2016)

Blog: Baku Qualifying (Saturday June 18 2016)

2016 European Grand Prix - FP3 (Saturday June 18 2016)

2016 European Grand Prix - FP2 (Friday June 17 2016)

2016 European Grand Prix - FP1 (Friday June 17 2016)

Pirelli reveal Baku tyre choices (Wednesday June 15 2016)

Rosberg was p***** off (Tuesday June 14 2016)

Who will win in Baku? (Monday June 13 2016)

Blog: Canadian GP Report (Monday June 13 2016)

2016 - Canada GP - Race (Sunday June 12 2016)

Blog: Montreal Qualifying (Sunday June 12 2016)

2016 Canada GP - Qualifying (Sunday June 12 2016)

2016 Canada GP - FP3 (Saturday June 11 2016)

2016 Canada GP - FP2 (Saturday June 11 2016)

2016 Canada GP - FP1 (Saturday June 11 2016)

Ericsson & Nasr at breaking point? (Thursday June 9 2016)

Blog: Montreal Preview (Wednesday June 8 2016)

Red Bull & Renault agree new deal! (Wednesday June 8 2016)

Who will win in Canada? (Monday June 6 2016)

More criticism for Kvyat (Thursday June 2 2016)

Blog: Monaco GP Report (Sunday May 29 2016)

2016 Monaco GP - Race (Sunday May 29 2016)

Blog: Monaco Qualifying (Saturday May 28 2016)

2016 Monaco GP - Qualifying (Saturday May 28 2016)

2016 Monaco GP - FP3 (Saturday May 28 2016)

2016 Monaco GP - FP2 (Thursday May 26 2016)

Archived Vital F1 Articles

List All Vital F1 Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

1. Red5 1095
2. DJ 1061
3. The Fear 773
4. Villaininthemerde 612
5. johnkelv 585
6. Druss_the_Legend 563
7. Push The Button 483
8. col8 334
9. The Intimidator 188
10. __villa__ 145

Current Site Poll (view all polls)

Who will win in Germany?
Hamilton 40%
Rosberg 12%
Raikkonen 12%
Vettel 12%
Ricciardo 12%
Verstappen 12%
Someone else 0%