Mercedes motorsport boss Toto Wolff claims the reported $150m budget cap put forward for 2021 is “much too low” for Formula 1’s top teams.
On Friday, the sport’s bosses laid out their vision for a cheaper, simpler F1 in a meeting with all 10 teams and the FIA, agreeing that details discussed will be “kept behind closed doors”.
One proposal that was leaked, however, was a much talked about cap on spending which Liberty Media hope can lead to a levelling up of the currently very unequal financial playing field.
The reaction by Mercedes and Ferrari was the most anticipated after both threatened to pull out if they didn’t agree with the new regulations, and it does appear, for now, the two sides remain some way apart.
“That number needs to be seen in perspective because marketing is excluded, drivers are excluded, lots of other activities are excluded,” Wolff told Sky Sports.
“There is lots that we do as a manufacturer where we do work for the power unit that is for the benefit of customers as well.
“So that number is much too low for the big teams, but if you look into the detail we need to work with Liberty and find a compromise.”
The Austrian’s biggest concern is the impact of a $150m cap would be felt hardest on the staff at those teams which would have to downscale their operation.
“My utmost priority is protecting our structure and our people,” he said. “We have to consider that we have been here a long time, the same with Ferrari, and Red Bull, and some of the bigger structures.
“You need to lay it out and say ‘this is our situation, how can we achieve success for F1, how can we cap costs, how can we achieve a sustainable business model’ without having any hardship on anybody.”
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One area for optimism on Mercedes’ side though, is a greater sense of clarity on what it is Liberty is trying to achieve with their vision.
“Before it was all pretty much in the dark, now we know what the position is and we can work towards that position,” said Wolff.
“Now at least you can properly assess this and say what do we like, what do we not like, what’s feasible and what’s not and how we will achieve compromise, that will be our main priority.
“As long as we have confidence that there are good ideas kicking in that will grow revenue, that will grow our audiences and preserve the ones we already have, we are in.
“We want to preserve F1’s traditions. It’s a high-tech sport, the best racing drivers in the best machines. As long as we can maintain that with a solid business model, we are happy.”