Sep.13 (GMM) Liberty Media is looking to introduce a budget cap of EUR 150 million per team from 2021.
Germany’s Sport Bild reports that the new F1 owner intends to bring in the dramatic rule to compliment the cheaper engine rules, with teams then allowed to spend a further EUR 50 million on marketing, hospitality and drivers.
The smaller teams are obviously supportive of the move to level the playing field.
“That number (EUR 150m) would actually be an increase for us,” said Haas team owner Gene Haas.
“I think the bigger problem is the bigger teams.”
Indeed, staff numbers counting 1000 plus are no longer unusual at the top of F1, so the biggest impact of the budget cap would be the forced loss of hundreds of jobs.
“That’s where the new owners are going to run into some big obstacles,” said Haas. “You just can’t change it overnight.”
But that’s where the pre-2021 ‘glide path’ comes in, with even Mercedes’ Toto Wolff saying he is open to budget cap discussions about that.
“I think we all live in the same financial reality, we have all seen teams growing dramatically over the years and we are all very sensible about wanting to somehow contain it,” he said.
“The discussions that have been happening are at a very early stage but I think there is no big disagreement.”
03/11/2017 Marchionne issues new Ferrari quit threat Nov.3 (GMM) President Sergio Marchionne has threatened to pull Ferrari out of formula one.
The threat comes after new F1 owner Liberty Media announced plans to change the engine […]
06/11/2017 Mercedes, Ferrari hit back at Liberty plans Nov.6 (GMM) Top teams Ferrari and Mercedes are pushing back against Liberty Media's plans to modernise formula one.
Ferrari is threatening to quit the sport after new F1 owners Liberty […]
25/01/2017 Teams turned down offer of F1 shares – Wolff Jan.25 (GMM) F1 teams turned down Liberty Media's offer to become co-owners of the sport.
That is the news from Toto Wolff, boss of the championship winning Mercedes team.
As the […]
30/01/2017 Experts doubt Ecclestone will go quietly Jan.30 (GMM) The F1 world is poised to discover 'deposed' supremo Bernie Ecclestone's next move.
The sport's long-time but now former chief executive has denied reports he is planning a […]
26/09/2017 F1 to make cars louder with ‘microphone’ Sep.26 (GMM) F1 owner Liberty Media is backing an initiative to make the cars louder.
Ever since the new 'power unit' era began in 2014, insiders and fans have complained that the loss […]
27/05/2017 F1 income must not be ‘socialism’ – Haas May 27 (GMM) F1 must be "very careful" as it moves to shake up the income distribution model in the near future.
That is the warning of Gene Haas, the American billionaire owner of the […]
22/05/2017 Liberty to reveal F1 budget cap plan May 22 (GMM) The idea of team budget caps in formula one is not dead yet.
With the arrival of Liberty Media, ideas about how to improve the competitiveness of the field are running thick […]