(Sahara Force India Formula One Team)
Formula One teams will meet with the FIA next month to come up with a way to reduce the costs involved in the sport.
It was announced earlier this week that the proposed cost cap that was due to be brought into affect next season has been scraped. It has now emerged that the FIA, Bernie Ecclestone (CRH) and all the teams to try to reach an agreement about the best way forward to reduce costs.
The plan to introduce the cost cutting measures was vetoed by the teams in the Formula One Strategy Group. The members of the group, Red Bull Racing, Ferrari, Mercedes, Williams, McLaren and the Lotus F1 Team were all against the idea of bringing in a cost cap.
However, the FIA are adamant that Formula One's currently level of spending is unsustainable and that something must be done to bring the costs down.
It is likely that new F1 entrant Gene Haas will also attend this meeting as it is certain that he will have plenty to say in relation to the costs involved in Formula One.
©Ben Johnston 2014