Formula One news

Ford chief backs F1 budget cap

Parry-Jones: wants cost cuts

Ford chief Richard Parry-Jones has reinforced his belief that Formula One annual team budgets should be capped to help curb the sport's out-of-control costs. The Briton reckons his proposal could be policed by independent auditors and enforced with the threat of 'draconian penalties' if a team is in violation. 

Ford Motor Company owns Jaguar Racing, with a $170m budget that is dwarfed by the big-hitting teams including Scuderia Ferrari, McLaren-Mercedes and Toyota. But any significant change to the Sporting Code must be given the unanimous-nod by the ten competing Formula One outfits - a scenario that is highly unlikely. 

"Why would the top teams agree," asked an insider, "if the only benefit is for the teams who cannot attract enough sponsorship to compete in the first place?"

Parry-Jones said: "The skill will be how you spend your [restricted] budget." 

A more realistic cost-cutting measure in F1 is a proposed reduction in track-testing which can cost teams more than contesting the entire grand prix season. But Ferrari, with its own tracks including at Fiorano and Mugello, are standing in the way of that idea because they have an affordable way to go F1-testing.

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