|Chase Carey says F1 costs are out of control
Formula 1 CEO Chase Carey said that top teams have told the sport's new owners that they want to be "protected from themselves" and prevented from spending "excessive" amounts of money, according to Adam Cooper of MOTORSPORT.
Carey said that the big players are "spending so much purely because they have to match their rivals," and that the "only way to slow it down is to tune the rules to reduce costs and stop unnecessary expenditure."
Carey and F1 Managing Dir Ross Brawn see the post-'20 power unit regulations as the "key to cutting expense."
In a recent meeting with FIA and the four manufacturers — with Alfa Romeo and VW/Audi also represented — the "basic format was agreed."
Carey said, "We came out of a meeting a few weeks ago on the engines to sort of say we think we'd like the engine to be simpler, cheaper, louder. …
What some of the teams spend on the sport today is an incredible amount, and they'll acknowledge it's an incredible amount. To some degree they're saying, 'We need to be protected from ourselves.'
There are a handful of teams that spend an extraordinary amount that aren't really spending to create something that enhances the consumer experience. What they're doing is spending because two other guys are spending it, so they've got to do it to compete with the other guys."
The "real significance of controlling costs" to Carey and his colleagues is that there is a "bigger picture related to a revised distribution of income amongst the teams," once the current Concorde Agreement expires in '20.
He has "made it clear that reducing what teams have to spend will help to justify a cut in what they are paid."
Carey: "Costs and revenues are all interrelated. You have to deal with it in pieces, but you want to start with a focus on the whole." MOTORSPORT