F1 US Grand Prix 2014: FIA will review reasons behind Marussia and Caterham's Austin absence as he instructs F1 to get its house in order

Neither team will run the United States Grand Prix due to going into administration and the sport has found itself under the magnifying glass for its expensive running costs

FIA president Jean Todt (Getty Images)

FIA president Jean Todt is to review the shock financial downfall of Marussia and Caterham over the past week that has rocked Formula One.

Todt has again called on F1 to get its house in order in the wake of the two marques being forced to enter administration.

Serious questions are being asked as to how a sport that generates a staggering £1billion in annual revenues can allow two teams to go to the wall.

Ahead of this weekend's grand prix in the United States, with Marussia and Caterham given dispensation to miss the event, the stewards were obligated to review the circumstances behind their withdrawal.

With both teams in breach of the sporting regulations which state they are to "participate in every event with the number of cars and drivers entered", the FIA naturally had to look into the matter.

Appreciably, given the situation the FIA commented that "in view of the current financial circumstances, the stewards decide not to impose any penalty".

The stewards for next weekend's race in Brazil will be faced with the same situation and with the same outcome certain.

However, the stewards in Austin also determined that "because of the particular nature of the breach (of the regulations), the matter is referred to the attention of the FIA president."

Todt is understood to be angered at what has occurred, particularly as his plans at the start of the year to impose a cost cap for 2015 were torpedoed by the teams, despite an initial agreement to go ahead.

Todt's proposal ultimately fell on the same stony ground as trodden by predecessor Max Mosley, whose own efforts to enforce a budget cap were ultimately vetoed.

As Mosley remarked at the start of the week "the chickens have come home to roost", with F1 now required to take a deep look at itself.

Todt certainly is determined to address the situation again, with a statement from the FIA making clear his intentions.

Marussia joined Caterham in going into administration (Getty Images)

The statement read: "Looking beyond the end of the 2014 season, these failings again acutely raise the question of the economic balance of the FIA Formula One championship and justify the position, expressed many times by the FIA, in favour of any initiative that will help reduce costs in order to ensure the survival of the existing grid or attract potential new entrants.

"As such, the FIA, in close co-operation with FOM (Bernie Ecclestone's Formula One Management) and the different stakeholders in F1, will continue to work towards maintaining the attraction of the championship and the equitable participation of the teams in it in the years to come."

For this weekend, meanwhile, the stewards have decided to tweak the qualifying format given there will be just 18 cars on the grid, the lowest number since the 2005 Monaco Grand Prix.

Instead of six cars exiting at the end of each of the first two sessions, it will now be four, ensuring the top-10 shoot-out remains.

PA