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Formula 1 teams called to urgent cost cuts meeting in May

Formula 1 teams have been called to an urgent cost cuts meeting on May 1 to try to agree on a way to bring budgets down.

Following the FIA's decision to give up on its push for a cost cap, due to resistance from F1's biggest teams, motor racing's governing body is still eager for efforts to be made to get the sport's finances under control.

During a meeting of the FIA's World Motor Sport Council in Morocco on Friday, it was agreed that the teams will gather with president Jean Todt and F1 commercial supremo Bernie Ecclestone at the start of next month over the matter.

In a statement issued by the FIA, it said there was hope that 'substantial' cost reductions could be agreed then - with a Strategy Group meeting following shortly afterwards to rubber stamp ideas.

The FIA's decision to abandon the cost cap has not gone down well with F1's smaller teams, who believed that spending limits were essential to secure the long-term future of the sport.

Sauber team principal Monisha Kaltenborn told AUTOSPORT: "As a smaller team, I fail to understand why we are going this way when every sport has to be responsible with the way you handle and work your business.

"I think those times have long gone where you say, 'if you don't have the money, don't do it.'

"The costs we are reaching here [in F1], nobody can understand. So we have to be responsible, because in the economic times we have it is important to show a responsible way of doing business."

NOISE RESULTS DUE SOON

The FIA also confirmed that it hoped early results of a push to increase engine noise would be ready soon.

It said: "As already announced, a study on engine noise is under way with preliminary results expected shortly."

FIA president Todt said in Bahrain last weekend that he hoped first tests of the new louder engines could be conducted shortly after the Spanish Grand Prix.

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