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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.

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.

©WRI2

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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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.

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