Dec. 10 (Bloomberg) -- Formula One teams will start to operate under cost caps by 2015, according to the sport’s organizers.
“The principle of a global cost cap has been adopted,” the FIA, the Paris-based body that oversees motorsports, said yesterday in an e-mailed statement. “A working group will be established within the coming days comprising the FIA, representatives of the commercial rights holder and team representatives.”
The new rules will be approved by the end of June 2014, the FIA said.
Smaller teams Sauber and Lotus suffered cash crises this season and have called for a cap on spending with sanctions similar to a new agreement in European soccer. Red Bull, which claimed its fourth straight constructors’ and drivers’ titles, and McLaren, a Formula One regular since 1966, have said that a cap isn’t practical because teams would find ways around rules.
The cost-cap agreement comes from a meeting yesterday in Paris of the F1 Strategy group and the Formula One Commission.
The panels also agreed to double the points awarded to drivers and constructors at the final race of the season to keep the competition more interesting. Red Bull’s Sebastian Vettel has won four titles in a row, and clinched the championship with three races to go this season.
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