F1 governing body says Ferrari vetoed engine cost proposal
By Alan Baldwin
AUSTIN, Texas (Reuters) - Ferrari vetoed Formula One cost reduction measures that included a proposal to set a maximum price for the engines and gearboxes manufacturers supply to customer teams, the governing FIA said on Monday.
The International Automobile Federation said it had studied a range of measures including a global cost ceiling, the use of technical and sporting regulations to cut costs and increased standardization of parts.
"The FIA, in agreement with FOM (the commercial rights holder), suggested the principle of setting a maximum price for engine and gearbox for client teams at the last Strategy Group meeting," it said in a statement.
"These measures were put to the vote and adopted with a large majority.
"However, Ferrari SpA decided to go against this and exercise the right of veto long recognized under agreements governing F1."
The FIA said it had decided not to make a legal challenge to Ferrari's veto, in the interests of the championship, but would now talk to all stakeholders about the possible introduction of a cheaper engine option from 2017.
It could then call for tenders for the contract.
Mercedes motorsport head Toto Wolff confirmed separately that Ferrari had used their veto. Continued...