FOTA meets to discuss costs Formula 1 teams are holding more discussions in Malaysia on how to cut costs in the expensive sport so that the smaller teams can better compete.
McLaren principal and Formula One Teams Association (FOTA) chairman Martin Whitmarsh said wealthy teams like his own must recognize the importance of keeping the smaller teams.
"F1 needs it," Whitmarsh told Autosport. "You don't have to go too far down the pit lane to know that unless we can continue to go down the path of controlling and reducing costs in F1 there will be problems ... if we don't do it then we won't have people to race against."
Teams have agreed broadly on a cost restricting agreement, but the details are still being discussed.
Last year saw three new teams entered the sport -- Lotus, Hispania and Virgin. A fourth proposed team USF1 did not make it.
The FOTA meeting in Malaysia confirmed Whitmarsh as chairman and Renault team principal Eric Boullier as vice chairman. Red Bull team principal Christian Horner was to head FOTA's sporting regulations work group. Ferrari's technical director Aldo Costa will be in charge of the technical regulations working group. Total F1
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