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Teams to present cost-cutting plans in June

– Formula 1 teams have unanimously agreed that cost reduction and cost control plans will be presented to the World Motor Sport Council (WMSC) in June, before a budget cap is introduced for the 2015 season. The development was confirmed by the FIA on Thursday afternoon, after the governing body, Formula 1 supremo Bernie Ecclestone and team bosses met in Geneva to discuss the future of the sport. "The FIA President reaffirmed to members of the WMSC the FIA’s intention to assure a healthy, affordable and spectacular FIA Formula One World Championship for the long-term future," read an FIA statement. "At a meeting of the F1 Strategy Group yesterday, chaired by the FIA...
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