The Formula One Teams Association have finalised the details of a new provisional 'Resource Restriction Agreement' governing cost-cutting measures in the sport over the Singapore GP weekend, with the new deal set to run to the end of the 2017 season.
Details of the new RRA have not been revealed, but the new measures are said to have rescued the cost-cutting deal, which had been on the brink of falling apart over disagreements between teams, some of whom had been accused of finding loopholes in the current restrictions.
"We made fantastic progress actually," FOTA chairman and McLaren team boss Martin Whitmarsh was quoted as saying by Autosport on Tuesday.
"I think the teams have worked together and found great compromise and, during the course of the meeting, we signed an extension that puts sevens year on the Resource Restriction Agreement, which further stabilises the sport."
Whitmarsh added that the new RRA cleared up any fears teams had about rivals using 'loopholes' in the agreement.
"We signed a heads of agreement which has gone a long way to improving it, extending the RRA, making further reductions and closing the known loopholes," he explained.
"And there is an obligation within the agreement that if anyone knows of a loophole, or subsequently learn of them, that they declare it now or do something about it."
The new RRA is thought to be a less severe take on cost-cutting, after some of the grid's larger teams complained that the current measures were too 'aggressive', and when finalised it will run until the end of 2017.
Had the restriction deal fallen apart, some F1 insiders had expressed fears that it would lead ot a new costly spending war between the grid's frontrunners.
The agreement between teams is only said to be "provisional" at this time, but Renault team boss Eric Boullier praised the "success" of the talks in Singapore.
"I am very delighted that we have done such a move, because it is a success for FOTA and finally we could sign something, instead of the meetings just being a forum," the Frenchman beamed.
"The decision taken last year [with the original RRA] was maybe in a special context with manufacturers threatening to break away for another championship.
"The RRA in its old version could even have damaged the sport by being too radical and I was keen to change the slope and extending it – and why not? We know we have to enter into a transition period. Everyone has done a reasonable job and I am happy we have signed this agreement."
However, some quotes from the Singapore paddock suggested that some of the smaller teams on the grid were not completely happy with the situation.
Virgin technical director Nick Wirth suggested that it was "really sad" that the sport had failed to adopt any sort of official budget cap, the sort of which led to the FIA/FOTA war of last summer, saying that it had been a "huge mistake" to renege on that idea.
| < Prev | Next > |
|---|
