Formula One news

Ecclestone optimistic after meeting with FOTA

Bernie Ecclestone has said the FIA and the FOTA are close to an agreement to secure the future of Formula 1 with the current teams involved. The F1 boss furthermore confirmed that the two-tier system won't be introduced.

The most important item on the agenda for the Formula 1 teams was the budget cap the FIA wishes to introduce as of next season. The budget cap would give teams that would use it a number of big advantages, but something that seemed completely fair to most of the current F1 teams. The budget cap could still be introduced next season, but only if the FIA will come to an agreement with the FOTA on the limit of the budget cap.

"The two-tier system is out the window," Ecclestone confirmed to the Daily Mail. "I always thought that was a bit stupid. There has been an agreement in principal. Everyone is happy with a budget cap, it's just a case of working out the amount. I am confident all the teams will still be racing next year."

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