FIA says F1 crisis justifies its push to reduce costs

F1 is down to an 18-car grid for this weekend's United States Grand Prix after both teams went into administration within a week.

FIA president Jean Todt abandoned the governing body's latest push for a budget cap when it became clear that it would not get the required support from teams.

An FIA statement issued on Thursday emphasised that it had tried to improve the situation.

"Looking beyond the end of the 2014 season, these failings once again acutely raise the question of the economic balance of the Formula 1 championship and justify the position, expressed many times by the FIA, in favour of any initiative that will help reduce costs in order to ensure the survival of the existing grid or attract potential new entrants,"

"As such, the FIA, in close cooperation with FOM and the different stakeholders in F1, will continue to work towards maintaining the attraction of the championship and the equitable participation of the teams in it in the years to come."

The statement added that while Caterham and Marussia technically risked losing their F1 entries having missed races, the FIA would deal with the situation sensitively.

"It is the responsibility of the FIA stewards to determine whether or not a team has failed to fulfil its regulatory obligation to take part in all events on the calendar and to take whatever action they deem appropriate," it said.

"However, we have every confidence that the stewards are fully aware of the financial situation of the teams concerned and these matters are always assessed with extreme care and due regard for the circumstances involved."