BMW boss disputes Ferrari claims

Speaking at an industry conference in Germany on Thursday night, Theissen told reporters that the 50 percent reduction in testing agreed by nine teams to come into force next year would dramatically save money because of the new rules that force teams to use one engine for two weekends.

"You need a lot of engines to cover that amount of mileage and the engine is the most expensive part of the car, so restricting testing is a very good way to cut costs, and that is why we support it," Theissen was reported as saying to news agency Reuters.

"We would certainly not be the first team to run out of money but it absolutely makes sense and it doesn't make sense to waste money. Covering 80 percent of the mileage at the test tracks means hiding the show from the spectators."

He added: "We should review the amount of money spent and check if it's really contributing to the show.

"We want to see Formula 1 being a strong and stable racing series in 10 years and to achieve that it has to be worth the money spent. And that's why we're absolutely joining the cost-cutting measures.

"We have entered this sport on the basis of the current situation so we are prepared to spend the money it takes to be top in F1 today. But we think it's absolutely reasonable to review the cost and to cut it."