F1: FIA To Increase 2010 Budget Cap

The World Motor Sport Council met yesterday to discuss a number of issues concerning the sport of Formula One, with FIA President Max Mosley revealing that it has decided to raise the budget figure above the original £30 million figure.

Mosley believes current Formula One outfits will be pleased by the Council’s amendments to the proposed 2010 voluntary budget cap.

“The budget is a little bit more than £30million, but it's important we get it in place because if not then we are going to lose a lot of the teams,” he said.

“People cannot, in the current economic conditions, get enough money to survive without that.”

It is believed a majority of Formula One teams agree with the cap’s introduction, although there are concerns over the final figure to be presented by the FIA.

Ferrari remains opposed to the cap, but Mosley is confident the Maranello-based outfit will be pleased by the FIA’s final decision.

"I think they may find it attractive because, like everyone else, they need to save money and have got to think of their shareholders' money and not just spend like in the old days," he added.

"I suspect that when they see the figures everyone will come in under the cost cap, I certainly hope so."

During the Bahrain GP weekend, Ferrari President Luca di Montezemolo told reporters his team remains committed to the sport, but may consider its position after the FIA's announcement.

"Formula One means extreme competition between teams, drivers, cars, technology and technicians. We want to maintain this kind of level," he said.

"This is the reason why we’ve been against a standardised engine. I personally have a lot of passion and Ferrari has a lot of passion, but this is not a never-ending story. So we will see."

The FIA’s findings are set to be released tomorrow. It has been reported that teams abiding by the budget cap will receive greater technical freedom in designing their vehicles.

Teams who decide to maintain an unlimited budget, however, will be forced to work within the existing regulations.

Bernie Eccelstone says the budget could entice up to three new teams to the F1 paddock, with US Grand Prix Engineering, Prodrive, Lola and iSport among those to have already publically declared their aspirations.