F1 teams agree to new cost-cutting measures 29/10/2010 |
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Formula 1's cost-cutting programme, the Resource Restriction Agreement (RRA), has been extended to 2017 after the teams agreed to new terms.
The current agreement, that was set to expire in 2012, includes a clause limiting each team to spending just 40m euros on external services.
The cap was set to reduce to 20m euros in 2011, but Auto Motor und Sport said the teams have agreed to set the limit next year at 30m euros.
Moreover, team staff numbers were set to be capped at 350 people, reducing to 280 a year later, but have now been set at 315.
"The good news is that the teams have agreed to extend the duration of the RRA," Formula One Teams' Association chairman Martin Whitmarsh confirmed.
"In doing that, there's been some adjustment, so it's been agreed in principle and everyone has signed up to that. In some areas it's been tightened, in some areas it's been slackened."
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