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Ecclestone: No need for budget cap

NEWS STORY
13/03/2013

Despite the uncertainty regarding the future of a number of F1 teams, Bernie Ecclestone insists that there is no need for a budget cap.

At one end of the grid it is business is as usual in Melbourne, money is no object and that will be the case as the season develops. However, a little further along the pitlane, far less the other end, worried eyes are already watching the balance sheet, looking for ways to save the odd dollar here, the odd pound there.

With barely a thought given to the demise of HRT, F1 puts on a brave face even though some are already pondering whether Marussia might be snapped up or Force India succumbs and is drawn into Vijay Mallya's ongoing business nightmare.

At a time Pitpass hears that one team will be using 2012-spec engines in Melbourne (and Malaysia) its 2013-spec units returned to the owners after the team was over a month late in making its January payment, Bernie Ecclestone was asked if he thought it was time the sport, once again, looked at the idea of a budget cap.

"Why?" he told the official F1 website. "If they were to get the money according to an allocation formula but still overspend, where would that money come from? What would change to what we have now? Teams will always spend what they can get, from wherever. And if there were a cap on it it wouldn't make any difference. They will still find ways to get money and spend it."

Asked about HRT and whether it was a poor business model, he replied: "No, it wasn't a case of a poor business model. It just cost too much money and they couldn't find it - and the people weren't prepared to put in any more money. That's why they stopped."

Wonder what the FIA president - seen above at the opening of HRT's new facility last year - thinks of a budget cap. Or anything!

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