Ferrari president Luca di Montezemolo calls for early cost reduction measures – Formula 1
Ferrari president Luca di Montezemolo has urged Formula One to quicken its cost cutting measures as the economic downturn in the European market is about to show its severity.
The teams met after the Monaco Grand Prix to discuss the matter of cost control coming under the jurisdiction of the FIA among other issues that were related to the issue.
The issue has raised a lot of issues and it also led to Red Bull and Ferrari to leave the Formula One teams Association last year. It is not that Red Bull and Ferrari do not believe in cost reduction. Both teams clarified that they know and understand that
cost reduction is important to the progress of the sport but the transparency of cost reduction is a big issue for them and feel that it is not being implemented properly.
There were other issues that led the teams to leave the association but budgeting and cost reduction was one of the main reasons.
Montezemolo has called the action to be taken sooner rather than later.
“The world economic situation and that of Europe in particular, is very serious and the world of Formula One cannot ignore the fact,” he told ferrarif1.com. “We cannot lose any more time: we need to tackle urgently and with determination the question of
costs. Ferrari is in agreement with the FIA's position that drastic intervention is required. This is no longer the moment for getting bogged down in sterile discussions or the meanderings of engineers, usually only concerned in defending the interests of
someone or other: the question has to be tackled at the highest level, without further delay.”
FIA has already decided to change the engine specifications from 2014 onwards. The teams will be using V6 turbo charged engines, and it is going to be a major change for the sport. The reaction of the drivers and the followers of the sport is still unknown
and can only be known when the V6 turbo charged cars come out to race. Yet it will be beneficial for the sport and especially for the smaller teams.
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