16/06/2009
NEWS STORY
In a statement issued this morning, the FIA, having met with financial experts from FOTA on Monday, has opted to proceed with its plans for a £40m budget cap in 2010
The statement reads as follows:
As agreed at the meeting of 11 June, FIA financial experts met yesterday with financial experts from FOTA.
Unfortunately, the FOTA representatives announced that they had no mandate to discuss the FIA's 2010 financial regulations. Indeed, they were not prepared to discuss regulation at all.
As a result, the meeting could not achieve its purpose of comparing the FIA's rules with the FOTA proposals with a view to finding a common position.
In default of a proper dialogue, the FOTA financial proposals were discussed but it became clear that these would not be capable of limiting the expenditure of a team which had the resources to outspend its competitors. Another financial arms race would then be inevitable.
The FIA Financial Regulations therefore remain as published.