(Sahara Force India Formula One Team)
Formula One will have no cost cap in 2015 according to FIA president Jean Todt. Speaking at the Bahrain Grand Prix Todt said that the cap which was due to agreed on by June this has now been scrapped as six of team's in Formula One's strategy group are against the idea.
It is understood that McLaren, Ferrari, Red Bull Racing, Williams, Mercedes and Lotus would prefer to see cost cutting measures come into affect with regard to the Sporting and Technical regulations in place in Formula One rather then a full blown cost cap.
Team's and manufacturer's have spent millions preparing for the switch from 2.4 V8 engine's to 1.6 V6 turbo charged power units for this season. The sport needs to bring in some sort of financial restriction because as it stands the sport is a two tier division with the likes of Caterham and Marussia unable to compete with the larger team's such as Mercedes, Ferrari, McLaren and Red Bull Racing.
The fact that a cost cap will not now be in place for 2015 may have an impact on the potential new entrants coming into the sport next season such as Gene Haas and his American team as they have lodged their application with the FIA. However, for Haas, who already runs a successful NASCAR team in the US he should have no problem raising the funds to enable his team to be competitive when they enter Formula One.
Haas is in a unique position to introduce new American sponsors to the sport, this would be a fantastic opportunity for company's based in the US who are not involved in Formula One to get their brand on a global stage. Equally it is a fantastic opportunity for European company's to use the team as a platform to gain access to the American market so the fact that there will be no cost cap in Formula One next season should not affect the Haas' attempt to get onto the Formula One grid.
©Ben Johnston 2014