Ecclestone keen to reduce costs

In an interview with the Sunday Times, Ecclestone said that he intends to meet with all 11 teams to determine what can be done to ensure that teams such as Jordan, Arrows and Minardi have a future in the sport.

"We are taking a good look at the sport," he said. "In the end what we will try to do is cut back a bit on technology and the need to spend money.

"There are a few things you could do to the car that would save money. Each vehicle might go a second slower, but nobody would really notice.

"If all the teams agree to act in the same way it won't make a competitive difference but it will mean a huge reduction on spending."

Formula 1 has already lost Prost Grand Prix this season, and both Jordan and BAR have made substantial redundancies. Ecclestone acknowledged that more teams could go the way of Prost, but feels the onus is on the team bosses to create a successful business.

"There is a possibility sooner or later that some of the teams won't make a go of it and are going to put the shutters down. I'd hate to see them disappear but that is how it is.

"Many of the people running them are enthusiasts rather than businessmen - many would not get a job running any other business.

"The smaller teams see it as a casino, the more they lose, the more money they need to spend - their will to win gets in the way of reality."