Liberty pushing for F1 budget cap

Chase Carey says Liberty Media remain firmly committed to introducing a budget cap in Formula 1 in the coming years. The proposal has been criticised by both Mercedes and Ferrari, with the Scuderia even threatening to pull out of the sport.

Reports have suggested that Liberty will move to cap teams' spending at $150million per season, a figure which would massively cut the champions' and Ferrari's current spending.

Proposed changes to the bonus payment system has caught the most flak, with Sergio Marchionne saying such changes would prompt the Italians to leave F1.

Figures released this week showed that F1 had made a loss in Liberty's first year in charge and Carey says a change is necessary.

"Everyone agrees that it makes no sense to spend as much money as some teams do," Carey told Auto Bild.

"That does not mean we want to make the sport or the technology worse, but we need to look at how teams spend their money and how much they spend.

"I don't want to talk about numbers here, but for a budget limit, you need rules and then consequences for trying to cheat.

"The former owners did a great job, but the world is changing and a lot of potential has been lost in recent years."

Carey highlighted the demise of the Manor side, who fell out of F1 in 2015, as key to his desire to cap spending.

"I want a healthy sport for the fans but also for the teams," he said.

"My goal is for new teams to enter Formula 1 - both private individuals and large manufacturers.

"It's a fact that nobody wanted to buy Manor - not even for a dollar. That cannot be. There must not be a team that nobody wants to buy."