FIA: “£40m budget cap regulation remain as published” 

Written by David on June 16th, 2009 at 2:42 pmLast Update: June 16th, 2009 at 2:42 pm

The FIA has published yet another press release earlier this morning clarifying that the Financial Regulations for the 2010 season – the £40m budget cap – will remain unchanged since the latest meeting between them and FOTA representatives ended again without a deal.

The FIA statement read:

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.

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