Formula 1 teams given more time for 2013 cost-cutting

As a result of not being able to reach a consensus on the matter of cost cutting measures for 2013 by saturday’s deadline, Formula 1 teams are set to be given another three weeks by the FIA to finalise a plan.

This means the F1 technical regulations for 2013 are now almost certain to remain unchanged because any amendments will now need unanimous support from the teams. That is unlikely to be achieved because of disagreements between Red Bull's two F1 teams Red Bull Racing and Scuderia Toro Rosso, and their rivals over issues like the scope of a Resource Restriction Agreement.

However, while meetings between the FIA and finance directors of the teams are continuing to try and make some progress, sources have revealed that the governing body is prepared to leave the door open on alternative proposals to be accepted at a later date.

It is understood that the teams will be told that if there is majority approval for rules to mandate the FIA to police a Resource Restriction Agreement, as well as sporting regulation changes that will reduce costs, then these will now be accepted up until July 24 for approval by the WMSC.

This gives the teams a little over three weeks to try to agree on a path forward, which comes at a time of growing concern about the expense of competing in F1 allied to the costs of major regulation changes for 2014.

The implementation of any such changes into the 2013 sporting regulations could theoretically be delayed until September 30, which is the closing deadline for entries to next season's F1 world championship.

"It is good that everybody in the paddock understands that we need to be thinking carefully about the future of F1," Lotus boss Eric Boullier said. "But we definitely need to take the right decision, and we definitely do not need to rush into a decision that we might regret.

"We made some decisions already in the past which cost us money now, and may cost us more money in the future. So we need to make sure that we go the right way and don't rush."