Failure to reduce costs is driving teams away says the FIA

The failure to massivley cut costs in the near future is driving teams away, says the FIA. And with that in mind the governing body will continue to push for cost cutting as to prevent what has happened with the Honda and BMW teams.

An official statement by the FIA reads:

"The FIA regrets the announcement of BMW's intended withdrawal from Formula 1 but is not surprised by it. It has been clear for some time that motor sport cannot ignore the world economic crisis. Car manufacturers cannot be expected to continue to pour large sums of money into Formula 1 when their survival depends on redundancies, plant closures and the support of the taxpayer. This is why the FIA prepared regulations to reduce costs drastically. These measures were needed to alleviate the pressure on manufacturers following Honda's withdrawal but also to make it possible for new teams to enter.

"Had these regulations not been so strongly opposed by a number of team principals, the withdrawal of BMW and further such announcements in the future might have been avoided. As a result of a sustained cost-cutting campaign by the FIA, new measures are in the process of being agreed which should make it easier for new teams to enter and enable existing ones to participate on much reduced budgets."