Red Bull/Getty Images FIA president Jean Todt says that the cost cutting proposals put forwards by the Formula 1 teams are a 'joke'. Todt summoned a meeting of Formula 1's 11 teams earlier in the month following the apparent abandonment of the idea of a cost cap. Ideas proposed included a tyre warmer ban and the introduction of more standard specification parts, but Todt does not believe that such changes will be sufficient. "My advice was make a contribution as to how we reduce the costs," Todt said. "We know they have budgets of between $100 and $400 million, and the proposal they seem happy with is to reduce by $2 million, which is ridiculous. "When we speak about...
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