Budget cap still on Formula 1's agenda - Carey

Formula 1 boss Chase Carey is still determined to rein in spiraling costs by introducing a budget cap sooner or later in the sport.

The concept of putting a lid on what teams are allowed to spend is the subject of an ongoing debate among Liberty Media and the teams, with Carey suggesting last year a gradual phase-in of a budget cap over a multi-year period.

Regardless of how or when spending will be put in check, Formula 1's CEO is adamant something must be done in the mid-term.

"Everyone agrees that it makes no sense to spend as much money as some teams do," Carey told Auto Bild.

"That does not mean we want to make the sport or the technology worse, but we need to look at how teams spend their money -- and how much they spend," he added.

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Reports suggest that Liberty is eyeing a $150 million limit on investment by teams, a figure which would significantly erode the current budgets of F1's top spenders, Mercedes and Ferrari.

"I don't want to talk about numbers here, but for a budget limit, you need rules and then consequences for trying to cheat.

"The former owners did a great job, but the world is changing and a lot of potential has been lost in recent years," he added.

Both Mercedes and Ferrari have expressed their concerns about the future path of F1, based on the 2021 regulation framework concocted by F1 sporting manager Ross Brawn, a draft of which was submitted to the teams last November.

While Mercedes has adopted a conciliatory tone with the sport's managers, Ferrari voiced its opposition through its president, Sergio Marchionne, who threatened to quit the sport if the Italian manufacturer's interests were not protected.

Carey said Ferrari and Mercedes are both "extremely important" to Formula 1, but the most important consideration is to produce "happy fans".

"Everything else is secondary," he said.

"I want a healthy sport for the fans but also for the teams. My goal is for new teams to enter Formula 1 -- both private individuals and large manufacturers.

"It's a fact that nobody wanted to buy Manor -- not even for a dollar. That cannot be. There must not be a team that nobody wants to buy," he said.

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