Ferrari: F1 will die without budget cap

Ferrari CEO Louis Camilleri has highlighted the importance of the budget cap introduction in Formula 1, warning that the sport will “slowly die” without one.

In 2021, the sport will change drastically, with budget caps, engine standardisation, and car changes set to alter the entire dynamic and format of the competition.

Before the budget cap happens, the bigger teams will use the time they have to spend as much money as possible in 2020 to prepare for 2021, as Ferrari have previously admitted.

After that, though, F1 needs to curb its spending, according to Camilleri.

“I think we’ve reached a relatively good compromise in terms of the cost cap, which today applies to the chassis,” he told Motorsport.com

“We’ve been in favour of it because we think it’s good for the economic sustainability of Formula 1.

Mercedes weren't prepared to 'risk' Ocon partnering HamiltonRead more

“In time that budget cap should encompass more of the car, the power units, the drivers as well, various other things. Because ultimately if the sport is not economically viable, it’s slowly going to die.

“So, we viewed it as our responsibility to ensure that it will be economically viable. And in doing so, I have to say that we have and others, that we principally have made certain sacrifices, so that the smaller teams would get more money.

“We’re not quite there yet on many details, but I think in terms of the actual principles, we are essentially OK.

“When you have 10 teams with all sorts of different views, there will always be continued discussion.”

The new rules are set to be introduced to try and level the playing field within the sport, with Mercedes in particular having dominated with their six constructors’ championships in a row.

Related

More F1 news

Latest F1 news

Fernando Alonso sets out Aston Martin retirement conditions

• 23 minutes ago

McLaren F1 boss on 'gap opening up' for Max Verstappen move

• 1 hour ago

Lewis Hamilton Ferrari switch sparks F1 team boss warning

• 1 hour ago

F1 News Today: Christian Horner return welcomed as Lewis Hamilton flips off rival

• 2 hours ago

F1 official account hammered by fans: 'Now a meme page for teenagers'

• Yesterday 22:57

F1 legend Martin Brundle reacts after bizarre microphone sock biting interview

• Yesterday 21:56