Ecclestone Moves to Cut Formula One Costs

Formula One ringmaster Bernie Ecclestone is to move to cut spiralling costs in the sport in a bid to save small teams from going out of business.

Jordan, Arrows and Minardi are all cash-strapped as they attempt to take on the manufacturer-backed teams and Ecclestone has realised it is time to act.

Billionaire Ecclestone is planning to speak to the 11 teams on the grid in the coming weeks to gauge their opinion on reducing the finances spent on technology as a cash crisis continues to influence Formula One.

"We are taking a good look at the sport," Ecclestone told the Sunday Times. "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."

He added: "There is a possbility 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."

The sport's governing body, the FIA, have already introduced new regulations to limit teams to one engine per weekend from the start of 2004.

More cost-cutting measures are expected to follow with Ecclestone accepting that the rear end of the grid could disappear. Former World Champion Alain Prost's French-based team were forced into bankruptcy on the eve of the season.