Mosley says F1 budget 'going ahead'

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The Independent Online

Formula One teams will have a budget cap next year but set above the proposed £30m, FIA president Max Mosley said today.

The International Automobile Federation chief has previously suggested introducing an optional cap, with teams that accept it being granted greater technical freedom than those with unlimited budgets.

"Everything is going ahead as planned. It's a little bit more than £30m but we have been successful," he told reporters after a meeting of the governing body's world motor sport council.

He added that the details would be published on Thursday.

Mosley said the cap was essential "if we are not going to lose a lot of the teams" and to attract new entrants to the sport.

"People cannot in the current economic conditions get enough money to survive without it," he said.

Formula One has 10 teams with room for at least three more. Super Aguri folded last year due to lack of funds while Honda, now replaced by championship-leading Brawn GP, pulled out due to the global financial situation.

At least four would-be entrants, including chassis makers Lola, have expressed an interest in entering Formula One under the new conditions.

However, the manufacturer teams, some of whom employ about 1,000 people, have said they cannot suddenly reduce their operations overnight.

Mosley wrote to the teams this month asking for input in deciding if the £30m figure should be revised.

Champions Ferrari, whose president Luca di Montezemolo leads the Formula One Teams Association (FOTA), have been critical of the cap and Mosley said the teams had yet to see the detail.

"I think they may find it attractive because, like everyone else, they need to save money and have got to think of their shareholders' money and not just spend like in the old days," he added.

"I suspect that when they see the figures everyone will come in under the cost cap, I certainly hope so."