No deal reached as F1 teams discuss spending cuts

Updated: 26 November 2011 22:29 IST

Formula One teams are yet to reach a definite deal on reducing their expenditure.

No deal reached as F1 teams discuss spending cuts

Sao Paulo:

Formula One teams are yet to reach a definite deal on reducing their expenditure.

Red Bull's Christian Horner says team principals met in Brazil and decided for now to remove the resource restriction agreement (RRA) from the Formula One Teams Association to avoid further division among F1 rivals.

"I think an RRA is important for Formula One and I think all the teams are unanimous on that," Horner said. "I think the thing that isn't quite clear is how to achieve it in a way that fits everybody's business models ... The key thing for us is that the treatment and transparency of it is consistent and obvious."

The resource restriction agreement aims to return expenditure to levels that prevailed in F1 in the early 1990s. Overspending was a sticking point between the FIA and the teams when racing's governing body tried to introduce measures that effectively created a spending cap.

The meeting in Brazil had been seen as key to teams as they tried to reach a solution before the season's end at Sunday's Brazilian Grand Prix, but it became apparent there are still some different views on the table.

FIA has been looking to cut costs since Honda left the series after the 2008 season, and teams have been discussing ways on how to do it. The Formula One Teams Association - composed of leading teams in F1 - at one point threatened to form a breakaway series over the issue.

"You need to look at the package as a whole," Horner said. "Hopefully, in discussions prior to the end of the year, a solution can be found."

Red Bull, which has dominated F1 in recent years, has reportedly differed with other teams on the RRA document.

"I think that inevitably we come more under the spotlight because, as I said earlier, perhaps if we hadn't had as much success this year then it would be less pertinent but that's the way of the world," Horner said. "But from a Red Bull point of view we're keen to find a solution and we're hopeful that one can be found between now and the end of 2011."

Topics : Red Bull Racing Sebastian Vettel Mark Webber Formula 1
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