Montezemolo urges F1 to cut costs

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Ferrari President Luca Di Montezemolo has today urged Formula One to cut costs. He said to the company's website that Ferrari follows the belief of the FIA that urgent intervention is needed to make sure the sport remains in good health and can stay popular among fans.

The coming weeks will see several cardinal points being defined, starting with the Concorde Agreement, which will constitute the foundations of Formula 1 for the foreseeable future.

“The world economic situation and that of Europe in particular, is very serious and the world of Formula 1 cannot ignore the fact,” declared Ferrari President Luca di Montezemolo to

“We cannot lose any more time: we need to tackle urgently and with determination the question of costs. Ferrari is in agreement with the FIA’s position that drastic intervention is required. We are absolutely convinced that, as I have always said, the teams and the commercial rights holder must work together with the Federation on this front. This is no longer the moment for getting bogged down in sterile discussions or the meanderings of engineers, usually only concerned in defending the interests of someone or other: the question has to be tackled at the highest level, without further delay.”

In a long meeting this morning at Maranello, Montezemolo also went over the upcoming events facing the Scuderia in the 2012 championship. “I am not used to dealing with regrets as I prefer to always look forwards,” continued the President. “In Montreal, I saw a team with a great will to win and that was seen right to the very end, maybe even taking some risks that might have been excessive. To see a Ferrari fighting for the win right to the end is just what I want to see and so do our fans. I am pleased with the progress seen over these past few races, but my thoughts and all the efforts of the Scuderia are already focussed on Valencia and then Silverstone, where we must make further steps forward. We must continue down this road, aware, as I am keen to repeat one more time, that success in this championship depends only on ourselves.” In the meantime, the whole team has now returned to base after the trip across the Atlantic. There’s hardly any time to draw breath for those who were in Canada, while the rest of the personnel is working on preparations for Valencia where the eighth round of the season takes place on 24 June.