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Formula 1 cost cap plans abandoned according to FIA's Jean Todt

Jean TodtFormula 1's plans for a cost cap in 2015 have been abandoned, FIA president Jean Todt has revealed.

The FIA announced at the end of last year that it wanted a cost cap in place for next season, with it hoped agreement on how it could be enforced reached by June 2014.

But AUTOSPORT has learned that the six team representatives on F1's Strategy Group - Red Bull, Ferrari, Mercedes, Williams, McLaren, and Lotus - wrote to the FIA last month to say they did not believe plans for a budget cap were realistic.

They claimed that enforcing and policing a budget cap that would satisfactorily cover all the teams was impossible, and instead suggested that cost cuts should be made through technical and sporting regulations.

F1's impossible cost-cut deadline

Attending his first grand prix of the season in Bahrain on Sunday, Todt confirmed that the teams had informed him of their belief.

And with him needing team support to push a cost cap through F1's Strategy Group he felt there was no point trying to press on with the idea.

"Most of the teams were in favour of the cost cap, but I understand that all the teams that are part of the Strategy Group are against it now," he said.

"So clearly, if the commercial rights holder, and if six teams, which means 12 of 18 are against, I cannot impose it. It's mathematics. So in this case, no more cost cap."

Todt said he had hoped the cost cap would work, as he thinks it will be harder to achieve the necessary budget restriction through regulation tweaks.

He added: "Am I disappointed? In a way I am disappointed because it may be more difficult to achieve the reduction which I feel is needed.

"But everyone says we are all in favour of reducing the cost, and through sporting and technical regulations."

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F1 teams called to cost cuts meeting