Todt looking to reduce costs further

08/09/2012

Mat Coch writes:

Reducing costs in Formula One remains the top priority for FIA President Jean Todt. Speaking ahead of the Italian Grand Prix in Monza the Frenchman suggested that less than a third of current teams operate in a sustainable manner, a situation the former Ferrari boss believes is his responsibility to change.

"Costs are my main objective," he said in an interview with Gazetta dello Sport. "They must be reduced by a further 30 percent in the next three years; otherwise we will lose several teams.

"Formula One must be a business for everyone," he added, "with balances in the black for the teams. Nowadays this may be the case for only two or three teams."

Historically Formula One teams spent freely in their quest for success, however in recent years the sport has acknowledged such an approach is unsustainable. Restrictions on testing, engines and gearboxes have gone a long way to bringing down some of the unnecessary spend, while discussions on the commercial landscape of the sport have also helped.

While not yet signed it's believed the next Concorde Agreement, the document which covers the commercial rights of the sport and binds the teams to participate, will reward them with a greater slice of the multi-billion dollar Formula One pie.

"We are now close to a satisfactory conclusion with the new Concorde Agreement, after tense discussions over common objectives," Todt revealed. "From 2014, with the new regulations and the turbo engine, we will take a step towards the world we predict we will be living in."

Should the sport achieve those goals Todt has even grander plans. "Maybe I will be able to convince several engine manufacturers that are now in endurance racing or elsewhere into building engines for Formula One, too: Audi, Toyota, Porsche, the Koreans..."