F1 budget cap plans rejected

PLANS to introduce a budget cap in Formula One next year have been quashed after leading teams voiced staunch opposition to the proposal, governing body president Jean Todt revealed yesterday.

Ferrari, Red Bull and Mercedes, three of the six teams in the sport’s rule-defining strategy group, spend in excess of £200m a year and rejected a budget cap as a means of cost-cutting.

Todt said: “The commercial rights holder [Bernie Ecclestone] and six teams are against it.

“It’s mathematics. In this case, no more cost cap.”