F1 Needs to Reduce Costs: Ferrari Boss Says

F1 Needs to Reduce Costs: Ferrari Boss Says
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With much of Europe mired in recession and seemingly ever widening debt crisis amongst member states, the very notion of spending exorbitant sums of money on activities like motorsport is coming under increasing scrutiny.

Ferrari’s President Luca di Montezemolo recently affirmed his support for the need to cut costs in Formula 1 inline with the FIA, which says drastic measures are required if the sport is to remain viable over the longer term.

“The world economic situation, and that of Europe in particular, is very serious,” Montezemolo said “and the world of Formula One cannot ignore the fact.”

He also said that the teams and the commercial rights holder “must work together with the Federation on this front. We cannot lose any more time, we need to tackle urgently and with determination the question of costs.”