FIA president Jean Todt has labeled as 'a joke' the initial cost-saving proposals put forward by Formula 1 teams. The powerful ‘Strategy Group' teams vetoed Todt's plans for mandatory budget caps beginning next year, instead arguing that costs can be alternatively reduced through the sporting and technical regulations. Todt, however, said whilst attending the weekend's Spanish Grand Prix that the teams' initial proposals were 'ridiculous'. 'We know they have budgets of between 100 and 400 million and the proposal they seem happy with is to reduce by two million,' he said. 'What was proposed was a joke.' Todt said his aim is to see teams' annual spend reduced in the order of 30 to...
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