Di Montezemolo pleads for cost reduction in Formula 1
This year is one of the most exciting years ever in Formula 1. But for Ferrari CEO Luca Cordero di Montezemolo the financial conditions of making Formula 1 possible are even more exciting. Of course this information is not good at all, but its all related to the sponsors and investors which feel the economic crisis in Europe.
Di Montezemolo’s wants to become an Italian politician, so he tries to cope with this crisis. He has urged the FIA to make important changes, before costs will be out of proportion. Colleague and friend Sergio Marchionne had the same opinion when he spoke to policymakers of the EU this week. According to Di Montezemolo it would be better that the top directors of the FIA, the teams and the commercial parties to make more constructive decisions and interact more with each other. This interaction is not the strongest part of the FIA and its dominant leader the Brit Bernie Ecclestone. For years now Di Montezemolo tries to keep this interaction and planning together as open as possible. Finally the FIA has reached the last stage of the ‘Concorde Agreement’, in which it writes how the governing of the F1 can be revised.
Since the start of the championship the Scuderia Ferrari is one of the teams which is continuously present. Ferrari are sponsored by Spanish Santander, just one of the sponsors in the competition which have problems as a result of the crisis in the Euro zone. Di Montezemolo now thinks that this crisis will have a massive impact on the Formula 1, because the FIA is still thinking and debating over how to govern the F1 in the future. Ferrari and Red Bull have already stopped their involvement with the Resource Restriction Agreement (RRA) by leaving the FOTA (Formula One Teams Association). Since that day Ferrari thinks about forming their own racing competition, with some other competitors. It takes time to solve a problem, so the period the financial crisis is active in Europe and the period Di Montezemolo copes with the FIA is in favour of the first one (to solve).