Standard parts for F1 may happen soon.

To overcome the problem of huge spending disparity between the teams, F1 may come up with standard parts for racing CEO Chase Carey has confirmed.

The gap in spending between the teams is huge. While Ferrari has spent approximately £ 330 million in 2016, smaller teams like Sauber and Force India were spending £95 and £90 million, respectively.

Zak Brown of McLaren had even suggested a budget cap on spending. He said, “There are some that think we should standardise some parts”.

Reiterating Liberty’s sporting Chief Ross Brawn’s opinion that that technology should not be “dumbed down”, Carey said F1 is considering standard parts as one way to cut down the costs.

“There are many paths to get there, whether it’s cost caps or other ways to address key components of the car,” said Carey.

“We’re not looking to standardise the car – we think it is very important to continue to have a sport that is competition married to state of the art technologies.

“We’re not looking to dumb the cars down, but I think we can standardise components of it.

“We are certainly looking for ways to address what some of the teams, in particular, spend that would improve the overall economics of the business and enable everybody in it to benefit, as well as improving the competition.”

It is still unclear which parts F1 is trying to standardise. Brown had suggested that parts that “don’t improve the show and the fans don’t recognise the difference” could be the ones to target.

Carey also had a “preliminary meetings” with the teams to talk about cutting costs. The idea, however, is not to have everyone on a similar budget.

“One of the challenges we have today is there are a handful of teams that clearly spend at a level that’s much different from the others, and you can see the results on the track,” said Carey.

“So if we can bring the costs into an area where they are more comparable – not equal – to each other, it can enhance competition and would make the economics of the business much better.

“We’ve begun that process with the teams, so we’ve had some preliminary meetings.

“There are some big components to it, like addressing the engine which is probably the most complicated part of the car as a whole.

“It is certainly our goal to address those costs, and we think the sport will on many levels benefit from that.”

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