FIA President Will Push Cost Cutting in New F1 Concorde Agreement

FIA President Jean Todt says that he will use his power to force cost cutting in Formula 1 in the new Concorde Agreement, despite protests from top F1 teams.

Next season, F1 budgets will expand because of new engines and new regulations. The teams have attempted to negotiate a stricter Resource Restriction Agreement among themselves. Last year, all but two teams agreed to more cost cutting, but the FIA would not pass it without unanimous support. FIA President Jean Todt says that will not happen again, and he will use his blocking vote to push through cost cuts that are supported by a majority of teams.

"I have been reading a lot of things about cost-cutting and it is something that you cannot address with the teams.

"I can guarantee you the FIA will vote in favor of cost cutting. Then we will see," said Todt.

Todt, Bernie Ecclestone and the teams are negotiating a new Concorde Agreement now and plan to finalize it in a few weeks.

Todt is facing re-election as FIA President and is making moves to show why he should remain in power.

Source: Autosport