Binotto: F1 can't make emotional decisions on future amid virus crisis

Teams have provisionally agreed to cut the cap outlined in the new FIA financial regulations, from $175m to $150m as part of continued measures to keep costs under control, which includes delaying the 2021 regulations by a year.

However, McLaren and others are now pushing for $125m, and a sliding scale downwards has been discussed for future years.

Ferrari, who along with Mercedes and Red Bull are most affected by the cap, have reservations about dropping any further without the consequences being properly assessed.

"We are fully aware of the difficulties of some teams," Binotto told Sky Sports News.

"We are fully aware that we somehow need to address costs for the future of F1, reducing the costs, which is the first driver of making each single team survive.

"We are currently discussing with F1, the FIA and all the teams a budget cap reduction, but we should not forget when doing that exercise somehow that we've got different structures, we've got different assets."

As previously revealed, Monday's online meeting of team principals and F1 bosses featured a discussion about different cap levels for different teams - with those who design and supply parts getting a higher level than their customers.

"There are teams which are constructors, [like] Ferrari and other top teams, where we are designing, developing, homologating and producing each single component of our cars.

"Other teams are customers, so buying some parts, so not having the same structure obviously because they're not designing, developing etc, all those components.

"So I think when discussing a budget cap, we should not forget that we've got different situations, and it's important that we find common ground somehow which is suiting to the different situations.

"And maybe the answer is not a single budget cap equal for all the teams finally.

"More important as I said, we had a meeting [on Monday] with all the teams, FIA, F1, and I think it has been a constructive and positive meeting.

"I think there is still analysis required to make the right decisions. I think we should avoid being really emotional at the moment.

"We know we will face difficult situations, but we need to somehow maintain what is the DNA and essence of F1, which is competition, and we should not forget about the F1 and the motorsport.

"I think it's important clearly to look at all the details and make a rational decision which has been based on all the considerations and not emotions.

• F1's response to the coronavirus pandemic
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"What you need as well is to have a long-term view.

"I think it's important that we all together look ahead, and make sure we are taking the proper decision with proper priorities.

"But as I said before, I don't think we should avoid simply acting on an emotional basis at the moment."

Binotto is fully behind the decision to postpone the change of regulations from 2021 to 2022.

"I think it was the right and good decision, because it has to be a responsible decision.

"I think the situation and the emergency we are facing is the priority.

"I think we cannot only act in the interests of a single team, in the interests of Ferrari, but really looking at the wider picture and wider situation."