FIA set cost-cutting deadline day

Ferrari president Luca Di Montezemolo (Getty Images)

Formula One's governing body yesterday set 30 June as the deadline for teams to approve any new cost-cutting measures ready for next season.

The FIA also said in a statement, after a meeting in Paris, that it hoped to finalise a new long-term agreement with the sport's commercial rights holder.

"The FIA is having active discussions with teams regarding cost control," the FIA said. "Any amendments to the technical regulations resulting from a further limit on expenditure on the chassis will be submitted to the WMSC [World Motor Sport Council] before 30 June.

"The intention is to help all teams participate in the Championship in a fair and equal manner."

The Ferrari president, Luca Di Montezemolo, whose team has one of the biggest budgets, warned this week that urgent action is needed to address the issue of increasing costs.

Some smaller teams would like to see a budget cap next season with the next , when a new "Concorde Agreement" governing the sport is due.