F1 heading for EUR 150m budget cap - Todt

Apr.4 (GMM) F1 is heading towards a budget cap of EUR 150 million per team for the 2015 season and beyond.

FIA president Jean Todt said he is confident the controversial new regulation will be agreed by June of this year, as the governing body aims to urgently bring down costs and keep struggling teams in business.

"If the teams don't want it, we won't do it," he told Germany's Auto Motor und Sport.

"We do not have the mandate to do something against the will of the majority.

"But from all of my discussions I conclude that the majority of the teams, the FIA and the rights owners do want this cost limitation," revealed Todt.

Asked to name the figure for the 2015 cap, he answered simply: "150 million euros."

That ties in with F1 chief executive Bernie Ecclestone's recent claim that a figure of about 200 million dollars has indeed been broadly agreed.

"If the revenues are higher, the team makes a profit," Todt said. "That would be a healthy model.

"A team like Ferrari should make money through formula one, just as can be done with a Le Mans project."